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As Of Filer Filing For·On·As Docs:Size Issuer Agent 10/26/17 MFS Series Trust X N-Q 8/31/17 2:3.3M Donnelley … Solutions/FA → MFS Absolute Return Fund ⇒ A (MRNAX) — B (MRNBX) — C (MRNCX) — I (MRNIX) — R1 (MRNRX) — R2 (MRNSX) — R3 (MRNTX) — R4 (MRNUX) — R6 (MRNVX) → MFS Aggressive Growth Allocation Fund ⇒ 529A (EAGTX) — 529B (EBAAX) — 529C (ECAAX) — A (MAAGX) — B (MBAGX) — C (MCAGX) — I (MIAGX) — R1 (MAAFX) — R2 (MAWAX) — R3 (MAAHX) — R4 (MAALX) → MFS Blended Research Growth Equity Fund ⇒ A (BRWAX) — B (BRWBX) — C (BRWCX) — I (BRWJX) — R1 (BRWRX) — R2 (BRWSX) — R3 (BRWTX) — R4 (BRWUX) — R6 (BRWVX) → MFS Blended Research Mid Cap Equity Fund ⇒ A (BMSFX) — B (BMSBX) — C (BMSDX) — I (BMSLX) — R1 (BMSRX) — R2 (BMSSX) — R3 (BMSTX) — R4 (BMSVX) — R6 (BMSYX) → MFS Blended Research Small Cap Equity Fund ⇒ 529A (BRSNX) — 529B (BRSQX) — 529C (BRSWX) — A (BRSDX) — B (BRSBX) — C (BRSHX) — I (BRSJX) — R1 (BRSPX) — R2 (BRSSX) — R3 (BRSTX) — R4 (BRSUX) — R6 (BRSYX) → MFS Blended Research Value Equity Fund ⇒ A (BRUDX) — B (BRUEX) — C (BRUGX) — I (BRUHX) — R1 (BRUJX) — R2 (BRUKX) — R3 (BRULX) — R4 (BRUMX) — R6 (BRUNX) → MFS Conservative Allocation Fund ⇒ 529A (ECLAX) — 529B (EBCAX) — 529C (ECACX) — A (MACFX) — B (MACBX) — C (MACVX) — I (MACIX) — R1 (MACKX) — R2 (MCARX) — R3 (MACNX) — R4 (MACJX) → MFS Emerging Markets Equity Fund ⇒ A (MEMAX) — B (MEMBX) — C (MEMCX) — I (MEMIX) — R1 (MEMRX) — R2 (MEMFX) — R3 (MEMGX) — R4 (MEMHX) — R6 (MEMJX) → MFS Growth Allocation Fund ⇒ 529A (EAGWX) — 529B (EBGWX) — 529C (ECGWX) — A (MAGWX) — B (MBGWX) — C (MCGWX) — I (MGWIX) — R1 (MAGMX) — R2 (MGALX) — R3 (MAGEX) — R4 (MAGJX) → MFS International Diversification Fund ⇒ A (MDIDX) — B (MDIFX) — C (MDIGX) — I (MDIJX) — R1 (MDIOX) — R2 (MDIKX) — R3 (MDIHX) — R4 (MDITX) → MFS International Growth Fund ⇒ A (MGRAX) — B (MGRBX) — C (MGRCX) — I (MQGIX) — R1 (MGRRX) — R2 (MGRQX) — R3 (MGRTX) — R4 (MGRVX) — R6 (MGRDX) → MFS International Intrinsic Value Fund ⇒ A (MGIAX) — B (MGIBX) — C (MGICX) — I (MINIX) — R1 (MINRX) — R2 (MINFX) — R3 (MINGX) — R4 (MINHX) — R6 (MINJX) → MFS Managed Wealth Fund ⇒ A (MNWAX) — B (MNWBX) — C (MNWCX) — I (MNWIX) — R1 (MNWRX) — R2 (MNWSX) — R3 (MNWTX) — R4 (MNWUX) → MFS Moderate Allocation Fund ⇒ 529A (EAMDX) — 529B (EBMDX) — 529C (ECMAX) — A (MAMAX) — B (MMABX) — C (MMACX) — I (MMAIX) — R1 (MAMFX) — R2 (MARRX) — R3 (MAMHX) — R4 (MAMJX) |
Document/Exhibit Description Pages Size 1: N-Q Mfs Series Trust X N-Q HTML 1.19M 2: EX-99.CERT Certifications HTML 18K
MFS SERIES TRUST X N-Q |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4492
MFS SERIES TRUST X
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
(Name and address of agents for service)
Registrant’s telephone number, including area code: (617) 954-5000
Date of fiscal year end: May 31*
Date of reporting period: August 31, 2017
* | This Form N-Q pertains only to the following series of the Registrant with a fiscal year of May 31: MFS Absolute Return Fund, MFS Aggressive Growth Allocation Fund, MFS Blended Research Growth Equity Fund, MFS Blended Research Mid Cap Equity Fund, MFS Blended Research Small Cap Equity Fund, MFS Blended Research Value Equity Fund, MFS Conservative Allocation Fund, MFS Emerging Markets Equity Fund, MFS Growth Allocation Fund, MFS International Diversification Fund, MFS International Growth Fund, MFS International Value Fund, MFS Managed Wealth Fund, and MFS Moderate Allocation Fund. The remaining series of the Registrant have a fiscal year end other than May 31. |
ITEM 1. | SCHEDULE OF INVESTMENTS. |
QUARTERLY REPORT
MFS® ABSOLUTE RETURN FUND
PORTFOLIO OF INVESTMENTS
8/31/17 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer | Shares/Par | Value ($) | ||||||
Bonds - 93.8% | ||||||||
Asset-Backed & Securitized - 20.0% | ||||||||
A Voce CLO Ltd., 2014-1A, “A2R”, FLR, 2.854%, (U.S. LIBOR-3mo. + 1.55%) 7/15/2026 (n) | $ | 575,000 | $ | 574,984 | ||||
A Voce CLO Ltd., 2014-1A, “BR”, FLR, 3.454%, (U.S. LIBOR-3mo. + 2.15%) 7/15/2026 (n) | 747,000 | 746,974 | ||||||
AIMCO Properties CLO LP, 2014-AA, “B1R”, FLR, 2.907%, (U.S. LIBOR-3mo. + 1.6%) 7/20/2026 (n) | 565,000 | 564,427 | ||||||
AmeriCredit Automobile Receivables Trust, 2016-3, “A2A”, 1.37%, 11/08/2019 | 257,628 | 257,496 | ||||||
Americredit Automobile Receivables Trust, 2017-2, “C”, 2.97%, 3/20/2023 | 605,000 | 615,258 | ||||||
Ares CLO Ltd., 2013-3A, “B1R”, FLR, 2.804%, (U.S. LIBOR-3mo. + 1.5%) 10/17/2024 (n) | 709,000 | 708,991 | ||||||
ARI Fleet Lease Trust, 2016-A, “A2”, 1.82%, 7/15/2024 (n) | 358,978 | 359,251 | ||||||
Atrium CDO Corp., 2010-A, “B1R”, FLR, 2.754%, (U.S. LIBOR-3mo. + 1.45%) 7/16/2025 (n) | 849,000 | 848,990 | ||||||
Atrium CDO Corp., 2011-A, “BR”, FLR, 2.812%, (U.S. LIBOR-3mo. + 1.5%) 10/23/2025 (n) | 575,000 | 575,365 | ||||||
Avery Point CLO Ltd., 2014-1A, “CR”, FLR, 3.664%, (U.S. LIBOR-3mo. + 2.35%) 4/25/2026 (n) | 562,000 | 565,443 | ||||||
Babson CLO Ltd., 2013-IIA, “BR”, FLR, 2.804%, (U.S. LIBOR-3mo. + 1.5%) 10/17/2026 (n) | 863,000 | 867,005 | ||||||
Ballyrock Ltd., 2014-1A, “A2R”, FLR, 3.007%, (U.S. LIBOR-3mo. + 1.7%) 10/20/2026 (n) | 561,000 | 561,186 | ||||||
Capital Auto Receivables Asset Trust, 2016-3, “A2A”, 1.36%, 4/22/2019 | 117,233 | 117,187 | ||||||
Capital One Multi-Asset Execution Trust, 2016-A4, “A4”, 1.33%, 6/15/2022 | 1,360,000 | 1,353,168 | ||||||
CD Commercial Mortgage Trust, 2017-CD4, “XA”, 1.484%, 5/10/2050 (i) | 5,837,000 | 541,154 | ||||||
Cent CLO LP, 2014-21A, “A2AR”, FLR, 3.017%, (U.S. LIBOR-3mo. + 1.7%) 7/27/2026 (n) | 458,549 | 459,569 | ||||||
Cent CLO LP, 2014-21A, “BR”, FLR, 3.717%, (U.S. LIBOR-3mo. + 2.4%) 7/27/2026 (n) | 323,186 | 324,019 | ||||||
Chesapeake Funding II LLC, 2017-2A, “B”, 2.81%, 7/15/2029 (n) | 396,000 | 400,356 | ||||||
Chesapeake Funding II LLC, 2017-2A, “C”, 3.01%, 7/15/2029 (n) | 200,000 | 202,261 | ||||||
Chesapeake Funding II LLC, 2017-3A, “B”, 2.57%, 8/15/2029 (z) | 256,000 | 256,716 | ||||||
Chrysler Capital Auto Receivables Trust 2016-B, “A2”, 1.36%, 1/15/2020 (n) | 288,888 | 288,673 | ||||||
Colony Starwood Homes, 2016-2A, “A”, FLR, 2.478%, (LIBOR-1mo. + 1.25%) 12/17/2033 (n) | 808,147 | 815,688 | ||||||
CPS Auto Trust, 2016-D, “B”, 2.11%, 3/15/2021 (n) | 678,000 | 676,911 | ||||||
CPS Auto Trust, 2017-C, “C”, 2.86%, 6/15/2023 (n) | 390,000 | 390,567 | ||||||
Credit Acceptance Auto Loan Trust, 2015-2A, “A”, 2.4%, 2/15/2023 (n) | 742,000 | 743,701 | ||||||
Credit Acceptance Auto Loan Trust, 2016-3A, “A”, 2.15%, 4/15/2024 (n) | 807,000 | 806,618 | ||||||
Credit Acceptance Auto Loan Trust, 2017-2A, “B”, 3.02%, 4/15/2026 (n) | 860,000 | 863,176 | ||||||
Cutwater Ltd., 2014-1A, “A2R”, FLR, 3.004%, (U.S. LIBOR-3mo. + 1.7%) 7/15/2026 (n) | 1,250,000 | 1,252,594 | ||||||
Drive Auto Receivables Trust, 2016-CA, “A3”, 1.67%, 11/15/2019 (n) | 740,000 | 740,151 | ||||||
Drive Auto Receivables Trust, 2017-1, “B”, 2.36%, 3/15/2021 | 247,000 | 247,781 | ||||||
Dryden Senior Loan Fund, 2014-31A, “CR”, FLR, 3.404%, (LIBOR-3mo. + 2.1%) 4/18/2026 (n) | 260,000 | 259,373 | ||||||
Dryden Senior Loan Fund, 2014-34A, “BR”, FLR, 2.854%, (LIBOR-3mo. + 1.55%) 10/15/2026 (n) | 275,000 | 274,721 | ||||||
Dryden Senior Loan Fund, 2014-34A, “CR”, FLR, 3.454%, (LIBOR-3mo. + 2.15%) 10/15/2026 (n) | 353,729 | 357,612 | ||||||
DT Auto Owner Trust, 2017-2A, “C”, 3.03%, 1/17/2023 (n) | 664,000 | 665,605 | ||||||
DT Auto Owner Trust, 2017-3A, “C”, 3.01%, 5/15/2023 (z) | 431,000 | 431,692 | ||||||
Enterprise Fleet Financing LLC, 1.74%, 2/22/2022 (n) | 404,835 | 404,739 | ||||||
Enterprise Fleet Financing LLC, 2017-1, “A2”, 2.13%, 7/20/2022 (n) | 370,000 | 371,917 | ||||||
Exeter Automobile Receivables Trust, 2015-2A, “A”, 1.54%, 11/15/2019 (n) | 19,061 | 19,057 | ||||||
Exeter Automobile Receivables Trust, 2016-3A, “A”, 1.84%, 11/16/2020 (n) | 488,889 | 488,701 | ||||||
Exeter Automobile Receivables Trust, 2017-1A, “A”, 1.96%, 3/15/2021 (n) | 259,496 | 259,061 | ||||||
Flagship Credit Auto Trust, 2016-1, “A”, 2.77%, 12/15/2020 (n) | 260,626 | 262,379 | ||||||
Ford Credit Auto Owner Trust, 2014-1,“A”, 2.26%, 11/15/2025 (n) | 227,000 | 229,206 | ||||||
Ford Credit Auto Owner Trust, 2014-2,“A”, 2.31%, 4/15/2026 (n) | 1,263,000 | 1,277,632 | ||||||
GMF Floorplan Owner Revolving Trust, 2017-A1, “A”, 2.22%, 1/18/2022 (n) | 560,000 | 563,723 | ||||||
GS Mortgage Securities Trust, 2017-GS6, “XA”, 1.199%, 5/10/2050 (i) | 5,249,107 | 442,301 | ||||||
GS Mortgage Securities Trust, 2017-GS7, “XA”, 1.29%, 8/10/2050 (i) | 5,279,000 | 461,860 | ||||||
HarbourView CLO VII Ltd., “B1R”, FLR, 2.967%, (U.S. LIBOR-3mo. + 1.65%) 11/18/2026 (n) | 890,237 | 890,226 | ||||||
HarbourView CLO VII Ltd., 7A, “CR”, FLR, 3.697%, (U.S. LIBOR-3mo. + 2.38%) 11/18/2026 (n) | 573,237 | 573,645 | ||||||
Hyundai Auto Receivables Trust 2015-C, “A2A”, 0.99%, 11/15/2018 | 13,336 | 13,330 | ||||||
JPMorgan Chase Commercial Mortgage Securities Corp., 1.242%, 9/15/2050 (i) | 11,013,754 | 869,505 | ||||||
Loomis, Sayles & Co., CLO, “A1”, FLR, 2.834%, (U.S. LIBOR-3mo. + 1.53%) 10/15/2027 (n) | 523,217 | 525,573 | ||||||
Madison Park Funding XIV Ltd., 2014-14A, “C1R”, FLR, 3.357%, (U.S. LIBOR-3mo. + 2.05%) 7/20/2026 (n) | 791,000 | 790,985 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Asset-Backed & Securitized - continued | ||||||||
Magnetite XI Ltd., 2014-11A, “BR”, FLR, 3.404%, (U.S. LIBOR-3mo. + 2.1%) 1/18/2027 (n) | $ | 393,000 | $ | 392,993 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, “XA”, 1.609%, 5/15/2050 (i) | 5,788,984 | 544,302 | ||||||
Morgan Stanley Capital I Trust, 2017-H1, “XA”, 1.621%, 6/15/2050 (i) | 2,231,584 | 222,207 | ||||||
Motor PLC, 2015-1A, “A1”, FLR, 1.834%, (U.S. LIBOR-1mo. + 0.6%) 6/25/2022 (n) | 129,783 | 129,792 | ||||||
Mountain Hawk CLO Ltd., 2014-3A, “BR”, FLR, 3.104%, (U.S. LIBOR-3mo. + 1.8%) 4/18/2025 (n) | 1,132,000 | 1,131,982 | ||||||
Nationstar HECM Loan Trust, 2016-2A, “A”, 2.239%, 6/25/2026 (n) | 76,717 | 77,223 | ||||||
Navient Student Loan Trust, 2016-3A, “A1”, FLR, 1.834%, (U.S. LIBOR-1mo. + 0.6%) 6/25/2065 (n) | 192,711 | 193,223 | ||||||
Navient Student Loan Trust, 2016-AA, “A1”, FLR, 2.334%, (U.S. LIBOR-1mo. + 1.1%) 12/15/2025 (n) | 38,411 | 38,444 | ||||||
Nextgear Floorplan Master Owner Trust, 2017-1A, “A2”, 2.54%, 4/18/2022 (n) | 451,000 | 453,809 | ||||||
Oaktree CLO Ltd., 2014-2A, “BR”, FLR, 3.857%, (U.S. LIBOR-3mo. + 2.55%) 10/20/2026 (n) | 573,000 | 574,517 | ||||||
OneMain Direct Auto Receivables Trust, 2016-1A, “A”, 2.04%, 1/15/2021 (n) | 116,200 | 116,276 | ||||||
OneMain Financial Issuance Trust, 2017-1A, “A1”, 2.37%, 9/14/2032 (z) | 697,000 | 696,922 | ||||||
Oscar U.S. Funding Trust, 2016-2A, “A”, 2.31%, 11/15/2019 (n) | 190,614 | 190,708 | ||||||
Oscar U.S. Funding Trust, 2017-1A, “A3”, 2.82%, 6/10/2021 (z) | 510,000 | 514,159 | ||||||
Santander Drive Auto Receivables Trust, 2017-2, “C”, 2.79%, 8/15/2022 | 366,000 | 368,882 | ||||||
Securitized Term Auto Receivables Trust, 2016-1A, “A2A”, 1.284%, 11/26/2018 (n) | 204,802 | 204,667 | ||||||
Shackelton CLO Ltd., 2013-4A, “CR”, FLR, 3.404%, (U.S. LIBOR-3mo. + 2.1%) 1/13/2025 (n) | 280,000 | 280,532 | ||||||
Sierra Receivables Funding Co. LLC, 2015-1A, “A”, 2.4%, 3/22/2032 (n) | 189,613 | 189,763 | ||||||
Silver Spring CLO Ltd., FLR, 4.054%, (LIBOR-3mo. + 2.75%) 10/15/2026 (n) | 458,000 | 456,782 | ||||||
SPS Servicer Advance Receivables Trust, 2016-T1, “AT1”, 2.53%, 11/16/2048 (n) | 1,000,000 | 992,787 | ||||||
Thacher Park CLO Ltd. 2014-1A. “CR”, FLR, 3.507%, (U.S. LIBOR-3mo. + 2.2%) 10/20/2026 (n) | 570,000 | 570,067 | ||||||
TICP CLO Ltd., FLR, 3.557%, (U.S. LIBOR-3mo. + 2.25%) 1/20/2027 (z) | 502,000 | 504,710 | ||||||
Tricon American Homes 2015-SFR1, Trust “1A”, FLR, 2.478%, (LIBOR-1mo. + 1.25%) 5/17/2032 (n) | 285,332 | 287,242 | ||||||
Tricon American Homes 2015-SFR1, Trust “1A”, 2.589%, 11/17/2033 (n) | 650,000 | 652,085 | ||||||
Verizon Owner Trust, 2016-1A, “A”, 1.42%, 1/20/2021 (n) | 983,000 | 979,950 | ||||||
Volvo Financial Equipment LLC, “A2”, 1.44%, 10/15/2018 (n) | 163,110 | 163,103 | ||||||
West CLO Ltd., 2013-1A, “A2BR”, 3.393%, 11/07/2025 (z) | 564,000 | 566,512 | ||||||
Wheels SPV LLC, 2015-1A, “A2”, 1.27%, 4/22/2024 (n) | 270,497 | 270,247 | ||||||
World Financial Network Credit Card Master Trust, 2017-B, “A”, 1.98%, 6/15/2023 | 888,000 | 889,148 | ||||||
|
|
|||||||
$ | 40,811,537 | |||||||
Automotive - 4.6% | ||||||||
American Honda Finance Corp., 1.6%, 7/13/2018 | $ | 800,000 | $ | 800,730 | ||||
American Honda Finance Corp., FLR, 1.724%, (U.S. LIBOR-3mo. + 0.45%) 9/20/2017 | 470,000 | 470,101 | ||||||
Daimler Finance North America LLC, 1.65%, 5/18/2018 (n) | 1,100,000 | 1,100,135 | ||||||
Ford Motor Credit Co. LLC, 2.262%, 3/28/2019 | 840,000 | 844,187 | ||||||
Ford Motor Credit Co. LLC, 2.021%, 5/03/2019 | 810,000 | 809,675 | ||||||
Ford Motor Credit Co. LLC, FLR, 2.244%, (U.S. LIBOR-3mo. + 0.94%) 1/09/2018 | 280,000 | 280,637 | ||||||
General Motors Financial Co., Inc., 2.65%, 4/13/2020 | 1,753,000 | 1,767,480 | ||||||
General Motors Financial Co., Inc., 3.15%, 6/30/2022 | 397,000 | 398,964 | ||||||
Hyundai Capital America, 2%, 3/19/2018 (n) | 875,000 | 875,644 | ||||||
Hyundai Capital America, 2.4%, 10/30/2018 (n) | 480,000 | 480,798 | ||||||
Toyota Motor Credit Corp., 1.7%, 2/19/2019 | 620,000 | 620,998 | ||||||
Toyota Motor Credit Corp., FLR, 1.694%, (U.S. LIBOR-3mo. + 0.39%) 1/17/2019 | 850,000 | 853,384 | ||||||
|
|
|||||||
$ | 9,302,733 | |||||||
Banks & Diversified Financials (Covered Bonds) - 0.3% | ||||||||
Credit Mutuel-CIC Home Loan, 1.5%, 11/16/2017 (n) | $ | 600,000 | $ | 599,893 | ||||
Broadcasting - 0.1% | ||||||||
SES Global Americas Holdings GP, 2.5%, 3/25/2019 (n) | $ | 203,000 | $ | 203,389 | ||||
Brokerage & Asset Managers - 0.5% | ||||||||
Intercontinental Exchange, Inc., 2.75%, 12/01/2020 | $ | 680,000 | $ | 691,971 | ||||
NYSE Euronext, 2%, 10/05/2017 | 412,000 | 412,206 | ||||||
|
|
|||||||
$ | 1,104,177 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Building - 0.3% | ||||||||
Stanley Black & Decker, Inc., 1.622%, 11/17/2018 | $ | 560,000 | $ | 559,290 | ||||
Business Services - 0.4% | ||||||||
Fidelity National Information Services, Inc., 2.85%, 10/15/2018 | $ | 230,000 | $ | 232,768 | ||||
Fidelity National Information Services, Inc., 2.25%, 8/15/2021 | 590,000 | 589,260 | ||||||
|
|
|||||||
$ | 822,028 | |||||||
Cable TV - 0.6% | ||||||||
Time Warner Cable, Inc., 5%, 2/01/2020 | $ | 1,146,000 | $ | 1,216,984 | ||||
Chemicals - 2.0% | ||||||||
CF Industries, Inc., 6.875%, 5/01/2018 | $ | 846,000 | $ | 871,380 | ||||
Chevron Phillips Chemical Co. LLC, 1.7%, 5/01/2018 (n) | 1,000,000 | 1,000,839 | ||||||
Dow Chemical Co., 8.55%, 5/15/2019 | 840,000 | 931,911 | ||||||
LyondellBasell Industries N.V., 5%, 4/15/2019 | 425,000 | 442,414 | ||||||
Sherwin-Williams Co., 2.25%, 5/15/2020 | 805,000 | 808,933 | ||||||
|
|
|||||||
$ | 4,055,477 | |||||||
Computer Software - 0.3% | ||||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp., 3.48%, 6/01/2019 (n) | $ | 520,000 | $ | 531,443 | ||||
Conglomerates - 0.3% | ||||||||
Roper Industries, Inc., 1.85%, 11/15/2017 | $ | 382,000 | $ | 382,119 | ||||
Roper Technologies, Inc., 2.8%, 12/15/2021 | 240,000 | 243,170 | ||||||
|
|
|||||||
$ | 625,289 | |||||||
Consumer Products - 1.7% | ||||||||
Mattel, Inc., 1.7%, 3/15/2018 | $ | 139,000 | $ | 138,978 | ||||
Newell Brands, Inc., 2.6%, 3/29/2019 | 64,000 | 64,695 | ||||||
Newell Rubbermaid, Inc., 2.05%, 12/01/2017 | 236,000 | 236,245 | ||||||
Newell Rubbermaid, Inc., 2.875%, 12/01/2019 | 680,000 | 692,487 | ||||||
Reckitt Benckiser PLC, 2.125%, 9/21/2018 (n) | 910,000 | 914,258 | ||||||
Reckitt Benckiser Treasury Services PLC, 2.375%, 6/24/2022 (n) | 1,433,000 | 1,433,769 | ||||||
|
|
|||||||
$ | 3,480,432 | |||||||
Electrical Equipment - 0.6% | ||||||||
Amphenol Corp., 1.55%, 9/15/2017 | $ | 450,000 | $ | 449,999 | ||||
Arrow Electronics, Inc., 3%, 3/01/2018 | 141,000 | 141,826 | ||||||
Molex Electronic Technologies LLC, 2.878%, 4/15/2020 (n) | 593,000 | 599,415 | ||||||
|
|
|||||||
$ | 1,191,240 | |||||||
Electronics - 0.3% | ||||||||
Tyco Electronics Group S.A., 2.375%, 12/17/2018 | $ | 155,000 | $ | 155,896 | ||||
Xilinx, Inc., 2.125%, 3/15/2019 | 480,000 | 481,519 | ||||||
|
|
|||||||
$ | 637,415 | |||||||
Emerging Market Quasi-Sovereign - 0.6% | ||||||||
Corporacion Financiera de Desarrollo S.A., 3.25%, 7/15/2019 (n) | $ | 548,000 | $ | 558,275 | ||||
State Grid International Development Co. Ltd., 1.75%, 5/22/2018 (n) | 627,000 | 625,882 | ||||||
|
|
|||||||
$ | 1,184,157 | |||||||
Emerging Market Sovereign - 0.3% | ||||||||
State of Qatar, 2.375%, 6/02/2021 (n) | $ | 540,000 | $ | 534,676 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Energy - Integrated - 0.6% | ||||||||
BP Capital Markets PLC, 2.521%, 1/15/2020 | $ | 403,000 | $ | 410,058 | ||||
Shell International Finance B.V., 1.375%, 5/10/2019 | 830,000 | 827,385 | ||||||
|
|
|||||||
$ | 1,237,443 | |||||||
Financial Institutions - 0.3% | ||||||||
LeasePlan Corp. N.V., 3%, 10/23/2017 (n) | $ | 340,000 | $ | 340,471 | ||||
LeasePlan Corp. N.V., 2.5%, 5/16/2018 (n) | 200,000 | 200,532 | ||||||
|
|
|||||||
$ | 541,003 | |||||||
Food & Beverages - 3.5% | ||||||||
Anheuser-Busch InBev Finance, Inc., 1.9%, 2/01/2019 | $ | 1,487,000 | $ | 1,490,622 | ||||
Anheuser-Busch InBev Finance, Inc., 2.15%, 2/01/2019 | 675,000 | 679,492 | ||||||
Anheuser-Busch InBev Finance, Inc., 2.65%, 2/01/2021 | 708,000 | 722,385 | ||||||
General Mills, Inc., 1.4%, 10/20/2017 | 1,000,000 | 999,930 | ||||||
Ingredion, Inc., 1.8%, 9/25/2017 | 167,000 | 167,003 | ||||||
J.M. Smucker Co., 1.75%, 3/15/2018 | 250,000 | 250,085 | ||||||
Kraft Heinz Foods Co., 6.125%, 8/23/2018 | 900,000 | 937,099 | ||||||
Mondelez International, Inc., FLR, 1.924%, (U.S. LIBOR-3mo. + 0.61%) 10/28/2019 (n) | 1,010,000 | 1,013,930 | ||||||
Pernod Ricard S.A., 5.75%, 4/07/2021 (n) | 260,000 | 290,188 | ||||||
Want Want China Finance Co., 1.875%, 5/14/2018 (n) | 607,000 | 605,860 | ||||||
Wm. Wrigley Jr. Co., 2.4%, 10/21/2018 (n) | 52,000 | 52,372 | ||||||
|
|
|||||||
$ | 7,208,966 | |||||||
Food & Drug Stores - 0.6% | ||||||||
CVS Health Corp., 1.9%, 7/20/2018 | $ | 800,000 | $ | 802,135 | ||||
CVS Health Corp., 2.8%, 7/20/2020 | 490,000 | 500,527 | ||||||
|
|
|||||||
$ | 1,302,662 | |||||||
Insurance - 1.5% | ||||||||
American International Group, Inc., 2.3%, 7/16/2019 | $ | 180,000 | $ | 181,353 | ||||
American International Group, Inc., 3.3%, 3/01/2021 | 860,000 | 890,036 | ||||||
Metropolitan Life Global Funding I, 2%, 4/14/2020 (n) | 900,000 | 902,169 | ||||||
Metropolitan Life Global Funding I, FLR, 1.697%, (U.S. LIBOR-3mo. + 0.43%) 12/19/2018 (n) | 1,000,000 | 1,003,870 | ||||||
Voya Financial, Inc., 2.9%, 2/15/2018 | 82,000 | 82,481 | ||||||
|
|
|||||||
$ | 3,059,909 | |||||||
Insurance - Health - 0.0% | ||||||||
Aetna, Inc., 1.5%, 11/15/2017 | $ | 94,000 | $ | 93,998 | ||||
Insurance - Property & Casualty - 0.3% | ||||||||
Marsh & McLennan Cos., Inc., 2.35%, 9/10/2019 | $ | 600,000 | $ | 605,944 | ||||
International Market Quasi-Sovereign - 3.8% | ||||||||
Bank Nederlandse Gemeenten N.V., 1.375%, 3/19/2018 (n) | $ | 650,000 | $ | 649,999 | ||||
Caisse d’Amortissement de la Dette Sociale, 1.875%, 1/13/2020 (n) | 670,000 | 673,139 | ||||||
CPPIB Capital, Inc., 1.25%, 9/20/2019 (n) | 1,060,000 | 1,049,898 | ||||||
Dexia Credit Local S.A., 1.875%, 9/15/2021 (n) | 1,090,000 | 1,074,644 | ||||||
Dexia Credit Local S.A., 2.25%, 1/30/2019 (n) | 310,000 | 312,139 | ||||||
Dexia Credit Local, “A”, 2.25%, 2/18/2020 (n) | 340,000 | 342,157 | ||||||
Electricite de France, 2.15%, 1/22/2019 (n) | 650,000 | 653,055 | ||||||
Kommunalbanken A.S., 1.375%, 10/26/2020 (n) | 630,000 | 623,463 | ||||||
Kommunalbanken A.S., 1%, 3/15/2018 (n) | 190,000 | 189,677 | ||||||
Nederlandse Waterschapsbank N.V., 1.5%, 4/16/2018 (n) | 790,000 | 790,585 | ||||||
Swedish Export Credit Corp., 1.125%, 8/28/2019 | 1,470,000 | 1,456,403 | ||||||
|
|
|||||||
$ | 7,815,159 |
4
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Internet - 0.2% | ||||||||
Baidu, Inc., 2.75%, 6/09/2019 | $ | 328,000 | $ | 330,921 | ||||
Local Authorities - 1.1% | ||||||||
Kommuninvest i Sverige AB, 1.125%, 9/17/2019 (n) | $ | 1,292,000 | $ | 1,279,584 | ||||
Province of Ontario, 1.1%, 10/25/2017 | 900,000 | 899,746 | ||||||
|
|
|||||||
$ | 2,179,330 | |||||||
Machinery & Tools - 0.8% | ||||||||
John Deere Capital Corp., 1.6%, 7/13/2018 | $ | 1,550,000 | $ | 1,551,666 | ||||
Major Banks - 12.7% | ||||||||
ABN AMRO Bank N.V., 2.1%, 1/18/2019 (n) | $ | 460,000 | $ | 462,227 | ||||
ABN AMRO Bank N.V., 1.8%, 6/04/2018 (n) | 600,000 | 599,907 | ||||||
Bank of America Corp., 2.369% to 7/21/2020, FLR to 7/21/2021 | 1,306,000 | 1,309,512 | ||||||
Bank of America Corp., 2.881% to 4/24/2022, FLR to 4/24/2023 | 1,000,000 | 1,009,203 | ||||||
Bank of Montreal, 1.45%, 4/09/2018 | 1,700,000 | 1,700,076 | ||||||
Barclays PLC, 3.25%, 1/12/2021 | 1,450,000 | 1,481,848 | ||||||
BNP Paribas, 2.7%, 8/20/2018 | 580,000 | 585,980 | ||||||
Commonwealth Bank of Australia, 2.3%, 9/06/2019 | 843,000 | 850,401 | ||||||
Commonwealth Bank of Australia, FLR, 1.489%, (U.S. LIBOR-3mo. + 0.27%) 9/08/2017 (n) | 500,000 | 500,005 | ||||||
Credit Agricole, “A”, FLR, 2.734%, (U.S. LIBOR-3mo. + 1.43%) 1/10/2022 (n) | 410,000 | 418,569 | ||||||
Credit Suisse Group AG, “A”, 3.574%, 1/09/2023 (n) | 690,000 | 709,758 | ||||||
HSBC Holdings PLC, 3.262% to 3/13/2022, FLR to 3/13/2023 | 576,000 | 591,090 | ||||||
ING Bank N.V., 1.8%, 3/16/2018 (n) | 1,500,000 | 1,501,975 | ||||||
Mitsubishi UFJ Financial Group, Inc., 2.95%, 3/01/2021 | 400,000 | 408,718 | ||||||
Mitsubishi UFJ Financial Group, Inc., 2.998%, 2/22/2022 | 415,000 | 424,518 | ||||||
Mizuho Bank Ltd., FLR, 2.497%, (U.S. LIBOR-3mo. + 1.19%) 10/20/2018 (n) | 260,000 | 262,714 | ||||||
Morgan Stanley, 2.375%, 7/23/2019 | 1,000,000 | 1,007,713 | ||||||
Morgan Stanley, 2.65%, 1/27/2020 | 1,100,000 | 1,117,373 | ||||||
PNC Bank N.A., 1.5%, 10/18/2017 | 660,000 | 659,970 | ||||||
PNC Bank N.A., 1.6%, 6/01/2018 | 620,000 | 620,468 | ||||||
PNC Bank N.A., 2.25%, 7/02/2019 | 650,000 | 655,441 | ||||||
Skandinaviska Enskilda, 1.75%, 3/19/2018 (n) | 271,000 | 271,225 | ||||||
Skandinaviska Enskilda Banken AB, 2.45%, 5/27/2020 (n) | 790,000 | 799,028 | ||||||
Sumitomo Mitsui Banking Corp., FLR, 1.976%, (U.S. LIBOR-3mo. + 0.67%) 10/19/2018 | 880,000 | 884,342 | ||||||
Svenska Handelsbanken AB, 2.25%, 6/17/2019 | 842,000 | 848,680 | ||||||
Swedbank AB, 2.125%, 9/29/2017 (n) | 1,461,000 | 1,461,808 | ||||||
Toronto-Dominion Bank, 1.75%, 7/23/2018 | 1,000,000 | 1,001,797 | ||||||
Toronto-Dominion Bank, 1.45%, 9/06/2018 | 1,200,000 | 1,198,802 | ||||||
UBS Group Funding (Jersey) Ltd., 3%, 4/15/2021 (n) | 1,000,000 | 1,017,511 | ||||||
UBS Group Funding (Switzerland) AG, 3.491%, 5/23/2023 (n) | 1,148,000 | 1,181,291 | ||||||
Westpac Banking Corp., 1.55%, 5/25/2018 | 420,000 | 420,105 | ||||||
|
|
|||||||
$ | 25,962,055 | |||||||
Medical & Health Technology & Services - 1.3% | ||||||||
Becton, Dickinson and Co., 2.675%, 12/15/2019 | $ | 842,000 | $ | 854,063 | ||||
Becton, Dickinson and Co., 2.404%, 6/05/2020 | 377,000 | 379,032 | ||||||
Becton, Dickinson and Co., 2.894%, 6/06/2022 | 452,000 | 453,983 | ||||||
Catholic Health Initiatives, 1.6%, 11/01/2017 | 250,000 | 249,999 | ||||||
Covidien International Finance S.A., 6%, 10/15/2017 | 231,000 | 232,120 | ||||||
Laboratory Corp. of America Holdings, 2.625%, 2/01/2020 | 400,000 | 404,936 | ||||||
|
|
|||||||
$ | 2,574,133 | |||||||
Medical Equipment - 1.2% | ||||||||
Abbott Laboratories, 2.35%, 11/22/2019 | $ | 850,000 | $ | 857,484 | ||||
Abbott Laboratories, 2.9%, 11/30/2021 | 680,000 | 691,726 |
5
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Medical Equipment - continued | ||||||||
Medtronic, Inc., 1.5%, 3/15/2018 | $ | 190,000 | $ | 189,996 | ||||
Zimmer Holdings, Inc., 2%, 4/01/2018 | 750,000 | 751,035 | ||||||
|
|
|||||||
$ | 2,490,241 | |||||||
Metals & Mining - 0.3% | ||||||||
Freeport-McMoRan, Inc., 2.375%, 3/15/2018 | $ | 270,000 | $ | 270,000 | ||||
Glencore Funding LLC, 2.125%, 4/16/2018 (n) | 420,000 | 420,290 | ||||||
|
|
|||||||
$ | 690,290 | |||||||
Midstream - 1.7% | ||||||||
EL Paso LLC, 6.5%, 9/15/2020 | $ | 858,000 | $ | 956,495 | ||||
Enbridge, Inc., 2.9%, 7/15/2022 | 565,000 | 568,638 | ||||||
Energy Transfer Partners LP, 2.5%, 6/15/2018 | 280,000 | 281,335 | ||||||
EnLink Midstream Partners LP, 2.7%, 4/01/2019 | 236,000 | 236,325 | ||||||
Enterprise Products Operating LP, 6.5%, 1/31/2019 | 400,000 | 424,905 | ||||||
Kinder Morgan (Delaware), Inc., 2%, 12/01/2017 | 340,000 | 340,182 | ||||||
ONEOK Partners LP, 3.2%, 9/15/2018 | 450,000 | 455,171 | ||||||
TransCanada PipeLines Ltd., 1.875%, 1/12/2018 | 195,000 | 195,077 | ||||||
|
|
|||||||
$ | 3,458,128 | |||||||
Mortgage-Backed - 0.5% | ||||||||
Fannie Mae, 4%, 12/01/2025 | $ | 324,130 | $ | 339,208 | ||||
Fannie Mae, 3%, 12/01/2031 | 636,741 | 658,408 | ||||||
Fannie Mae, FLR, 1.514% (LIBOR-1mo. + 0.29%), 12/25/2017 | 33,547 | 33,525 | ||||||
Fannie Mae, FLR, 1.511% (LIBOR-1mo. + 0.25%), 5/25/2018 | 58,705 | 58,703 | ||||||
Freddie Mac, 0%, 2/15/2036 (i) | 99,974 | 4,863 | ||||||
|
|
|||||||
$ | 1,094,707 | |||||||
Natural Gas - Distribution - 0.3% | ||||||||
Engie, 1.625%, 10/10/2017 (n) | $ | 550,000 | $ | 549,991 | ||||
Network & Telecom - 2.3% | ||||||||
AT&T, Inc., 2.3%, 3/11/2019 | $ | 560,000 | $ | 563,595 | ||||
AT&T, Inc., 2.45%, 6/30/2020 | 1,190,000 | 1,200,167 | ||||||
AT&T, Inc., 2.85%, 2/14/2023 | 405,000 | 403,900 | ||||||
AT&T, Inc., FLR, 2.227%, (U.S. LIBOR-3mo. + 0.91%) 11/27/2018 | 780,000 | 786,214 | ||||||
British Telecommunications PLC, 2.35%, 2/14/2019 | 580,000 | 583,973 | ||||||
Verizon Communications, Inc., 4.5%, 9/15/2020 | 1,036,000 | 1,111,318 | ||||||
|
|
|||||||
$ | 4,649,167 | |||||||
Oil Services - 0.4% | ||||||||
Schlumberger Holdings Corp., 1.9%, 12/21/2017 (n) | $ | 750,000 | $ | 750,490 | ||||
Oils - 0.5% | ||||||||
Marathon Petroleum Corp., 2.7%, 12/14/2018 | $ | 1,068,000 | $ | 1,077,269 | ||||
Other Banks & Diversified Financials - 6.7% | ||||||||
Banque Federative du Credit Mutuel, 2.2%, 7/20/2020 (n) | $ | 866,000 | $ | 867,822 | ||||
BNZ International Funding Ltd. London, 1.9%, 2/26/2018 (n) | 1,300,000 | 1,301,923 | ||||||
BPCE S.A., 1.625%, 1/26/2018 | 660,000 | 659,890 | ||||||
Branch Banking & Trust Co., 1.45%, 5/10/2019 | 1,200,000 | 1,195,272 | ||||||
Capital One Financial Corp., 2.5%, 5/12/2020 | 563,000 | 568,147 | ||||||
Citizens Bank N.A., 2.3%, 12/03/2018 | 750,000 | 753,779 | ||||||
Citizens Bank N.A., 2.25%, 3/02/2020 | 460,000 | 462,006 | ||||||
Citizens Bank N.A., 2.55%, 5/13/2021 | 250,000 | 252,168 | ||||||
Compass Bank, 2.875%, 6/29/2022 | 893,000 | 896,457 |
6
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Other Banks & Diversified Financials - continued | ||||||||
Discover Bank, 3.1%, 6/04/2020 | $ | 424,000 | $ | 434,419 | ||||
Fifth Third Bancorp, 2.3%, 3/01/2019 | 200,000 | 201,464 | ||||||
First Republic Bank, 2.375%, 6/17/2019 | 250,000 | 251,140 | ||||||
Groupe BPCE S.A., 2.5%, 12/10/2018 | 500,000 | 504,682 | ||||||
Lloyds Bank PLC, 1.75%, 5/14/2018 | 1,200,000 | 1,201,859 | ||||||
Lloyds Bank PLC, 2.3%, 11/27/2018 | 200,000 | 201,855 | ||||||
National Australia Bank Ltd., 1.375%, 7/12/2019 | 610,000 | 605,918 | ||||||
National Bank of Canada, FLR, 2.159%, (U.S. LIBOR-3mo. + 0.84%) 12/14/2018 | 1,600,000 | 1,609,339 | ||||||
Santander UK Group Holdings PLC, 2.875%, 8/05/2021 | 760,000 | 765,876 | ||||||
Santander UK PLC, 3.05%, 8/23/2018 | 238,000 | 241,191 | ||||||
SunTrust Banks, Inc., 2.7%, 1/27/2022 | 675,000 | 683,036 | ||||||
|
|
|||||||
$ | 13,658,243 | |||||||
Personal Computers & Peripherals - 0.1% | ||||||||
Equifax, Inc., 2.3%, 6/01/2021 | $ | 204,000 | $ | 204,683 | ||||
Pharmaceuticals - 4.2% | ||||||||
AbbVie, Inc., 1.8%, 5/14/2018 | $ | 1,000,000 | $ | 1,001,024 | ||||
Actavis Funding SCS, 2.35%, 3/12/2018 | 568,000 | 569,846 | ||||||
Actavis Funding SCS, 3%, 3/12/2020 | 515,000 | 525,542 | ||||||
Amgen, Inc., 2.2%, 5/11/2020 | 1,126,000 | 1,133,849 | ||||||
Bayer U.S. Finance LLC, 1.5%, 10/06/2017 (n) | 900,000 | 899,966 | ||||||
Biogen, Inc., 2.9%, 9/15/2020 | 500,000 | 511,711 | ||||||
Celgene Corp., 2.125%, 8/15/2018 | 670,000 | 672,954 | ||||||
EMD Finance LLC, 1.7%, 3/19/2018 (n) | 1,000,000 | 1,001,432 | ||||||
Gilead Sciences, Inc., 1.85%, 9/04/2018 | 700,000 | 702,971 | ||||||
Shire Acquisitions Investments Ireland Designated Activity Co., 1.9%, 9/23/2019 | 1,460,000 | 1,456,060 | ||||||
|
|
|||||||
$ | 8,475,355 | |||||||
Real Estate - Healthcare - 0.1% | ||||||||
Welltower, Inc., REIT, 2.25%, 3/15/2018 | $ | 150,000 | $ | 150,256 | ||||
Real Estate - Office - 0.3% | ||||||||
Mack-Cali Realty LP, 2.5%, 12/15/2017 | $ | 200,000 | $ | 200,220 | ||||
Vornado Realty LP, REIT, 2.5%, 6/30/2019 | 325,000 | 328,063 | ||||||
|
|
|||||||
$ | 528,283 | |||||||
Real Estate - Retail - 0.2% | ||||||||
Simon Property Group, Inc., REIT, 1.5%, 2/01/2018 (n) | $ | 167,000 | $ | 166,985 | ||||
WEA Finance LLC/Westfield Co., REIT, 1.75%, 9/15/2017 (n) | 350,000 | 350,007 | ||||||
|
|
|||||||
$ | 516,992 | |||||||
Restaurants - 0.2% | ||||||||
McDonald’s Corp., 2.1%, 12/07/2018 | $ | 410,000 | $ | 412,656 | ||||
Retailers - 0.2% | ||||||||
Dollar General Corp., 1.875%, 4/15/2018 | $ | 90,000 | $ | 90,118 | ||||
Wesfarmers Ltd., 1.874%, 3/20/2018 (n) | 233,000 | 233,319 | ||||||
|
|
|||||||
$ | 323,437 | |||||||
Specialty Chemicals - 0.2% | ||||||||
Airgas, Inc., 3.05%, 8/01/2020 | $ | 330,000 | $ | 338,862 |
7
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Bonds - continued | ||||||||
Supranational - 0.4% | ||||||||
Corporacion Andina de Fomento, FLR, 1.861%, (U.S. LIBOR-3mo. + 0.55%) 1/29/2018 | $ | 50,000 | $ | 50,010 | ||||
Corporacion Andina de Fomento, 2%, 5/10/2019 | 820,000 | 821,789 | ||||||
|
|
|||||||
$ | 871,799 | |||||||
Telecommunications - Wireless - 0.8% | ||||||||
American Tower Corp., 2.8%, 6/01/2020 | $ | 280,000 | $ | 285,228 | ||||
American Tower Trust I, REIT, 1.551%, 3/15/2018 (n) | 500,000 | 499,297 | ||||||
SBA Tower Trust, 2.898%, 10/15/2044 (n) | 473,000 | 475,549 | ||||||
SBA Tower Trust, 2.877%, 7/10/2046 (n) | 305,000 | 309,014 | ||||||
|
|
|||||||
$ | 1,569,088 | |||||||
Tobacco - 1.7% | ||||||||
BAT Capital Corp., 2.297%, 8/14/2020 (z) | $ | 990,000 | $ | 994,509 | ||||
Imperial Tobacco Finance PLC, 2.05%, 7/20/2018 (n) | 680,000 | 680,273 | ||||||
Imperial Tobacco Finance PLC, 2.95%, 7/21/2020 (n) | 1,106,000 | 1,126,366 | ||||||
Reynolds American, Inc., 2.3%, 6/12/2018 | 580,000 | 582,292 | ||||||
|
|
|||||||
$ | 3,383,440 | |||||||
Transportation - Services - 0.4% | ||||||||
TTX Co., 2.6%, 6/15/2020 (n) | $ | 840,000 | $ | 845,976 | ||||
U.S. Government Agencies and Equivalents - 0.3% | ||||||||
Hashemite Kingdom of Jordan, 1.945%, 6/23/2019 | $ | 430,000 | $ | 433,557 | ||||
Small Business Administration, 2.25%, 7/01/2021 | 185,481 | 187,808 | ||||||
|
|
|||||||
$ | 621,365 | |||||||
U.S. Treasury Obligations - 6.4% | ||||||||
U.S. Treasury Notes, 1.875%, 2/28/2022 (f) | $ | 11,000,000 | $ | 11,098,828 | ||||
U.S. Treasury Notes, 1.75%, 9/30/2019 | 2,000,000 | 2,016,484 | ||||||
|
|
|||||||
$ | 13,115,312 | |||||||
Utilities - Electric Power - 4.8% | ||||||||
American Electric Power Co., Inc., 1.65%, 12/15/2017 | $ | 220,000 | $ | 220,027 | ||||
Dominion Energy, Inc., 2.579%, 7/01/2020 | 539,000 | 544,157 | ||||||
Dominion Resources, Inc., 2.962%, 7/01/2019 | 410,000 | 416,334 | ||||||
Dominion Resources, Inc., 2.5%, 12/01/2019 | 650,000 | 657,615 | ||||||
Emera U.S. Finance LP, 2.15%, 6/15/2019 | 645,000 | 645,951 | ||||||
Enel Finance International S.A., 6.25%, 9/15/2017 (n) | 410,000 | 410,472 | ||||||
Eversource Energy, 1.6%, 1/15/2018 | 600,000 | 599,551 | ||||||
Eversource Energy, 2.5%, 3/15/2021 | 500,000 | 503,844 | ||||||
FirstEnergy Corp., 2.85%, 7/15/2022 | 282,000 | 282,946 | ||||||
NextEra Energy Capital Holdings, Inc., 2.056%, 9/01/2017 | 1,934,000 | 1,934,000 | ||||||
PG&E Corp., 2.4%, 3/01/2019 | 364,000 | 366,508 | ||||||
Southern Co., 2.45%, 9/01/2018 | 50,000 | 50,341 | ||||||
Southern Co., 1.85%, 7/01/2019 | 1,150,000 | 1,150,951 | ||||||
Southern Power Co., 1.85%, 12/01/2017 | 960,000 | 960,375 | ||||||
Virginia Electric & Power Co., 1.2%, 1/15/2018 | 410,000 | 409,477 | ||||||
Xcel Energy, Inc., 2.4%, 3/15/2021 | 590,000 | 595,379 | ||||||
|
|
|||||||
$ | 9,747,928 | |||||||
Total Bonds | $ | 190,847,307 | ||||||
Short-Term Obligations (y) - 1.9% | ||||||||
Bank of Nova Scotia, 1.44%, 9/01/2017 | $ | 2,620,000 | $ | 2,620,018 | ||||
Credit Agricole, 1.43%, 9/01/2017 | 1,190,000 | 1,190,008 | ||||||
Total Short-Term Obligations | $ | 3,810,026 |
8
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Investment Companies (h) - 4.1% | ||||||||
Money Market Funds - 4.1% | ||||||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 8,362,572 | $ | 8,362,572 | |||||
Other Assets, Less Liabilities - 0.2% | 462,030 | |||||||
Net Assets - 100.0% | $ | 203,481,935 |
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $8,362,572 and $194,657,333, respectively. |
(i) | Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $72,478,585, representing 35.6% of net assets. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
(y) | The rate shown represents an annualized yield at time of purchase. |
(z) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: |
Restricted Securities | Acquisition Date |
Cost |
Value | |||||||||
BAT Capital Corp., 2.297%, 8/14/2020 | 8/08/17 | $990,000 | $994,509 | |||||||||
Chesapeake Funding II LLC, 2017-3A, “B”, 2.57%, 8/15/2029 | 8/01/17 | 255,965 | 256,716 | |||||||||
DT Auto Owner Trust, 2017-3A, “C”, 3.01%, 5/15/2023 | 8/08/17 | 430,955 | 431,692 | |||||||||
OneMain Financial Issuance Trust, 2017-1A, “A1”, 2.37%, 9/14/2032 | 8/29/17 | 696,922 | 696,922 | |||||||||
Oscar U.S. Funding Trust, 2017-1A, “A3”, 2.82%, 6/10/2021 | 3/15/17 | 509,917 | 514,159 | |||||||||
TICP CLO Ltd., FLR, 3.557%, (U.S. LIBOR-3mo. + 2.25%) 1/20/2027 | 3/20/17 | 502,000 | 504,710 | |||||||||
West CLO Ltd., 2013-1A, “A2BR”, 3.393%, 11/07/2025 | 4/28/17 | 564,000 | 566,512 | |||||||||
Total Restricted Securities | $3,965,220 | |||||||||||
% of Net assets | 1.9% |
The following abbreviations are used in this report and are defined:
CDO | Collateralized Debt Obligation | |
CLO | Collateralized Loan Obligation | |
FLR | Floating rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below:
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
JPY | Japanese Yen | |
KRW | Korean Won | |
MXN | Mexican Peso | |
NOK | Norwegian Krone |
9
Portfolio of Investments (unaudited) – continued
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
TRY | Turkish Lira | |
ZAR | South African Rand |
Derivative Contracts at 8/31/17
Forward Foreign Currency Exchange Contracts at 8/31/17
Currency Purchased | Currency Sold | Counterparty | Settlement Date |
Unrealized Appreciation |
||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||
AUD | 9,354,086 | USD | 7,354,940 | JPMorgan Chase Bank | 11/15/2017 | $74,385 | ||||||||||||||||
CAD | 7,856,437 | USD | 6,188,528 | JPMorgan Chase Bank | 11/15/2017 | 107,278 | ||||||||||||||||
CHF | 513,890 | USD | 535,922 | Goldman Sachs International | 11/15/2017 | 2,467 | ||||||||||||||||
GBP | 3,600,366 | USD | 4,664,000 | JPMorgan Chase Bank | 11/15/2017 | 2,716 | ||||||||||||||||
JPY | 147,503,302 | USD | 1,343,000 | JPMorgan Chase Bank | 11/15/2017 | 3,220 | ||||||||||||||||
NOK | 35,136,322 | USD | 4,418,718 | Goldman Sachs International | 11/15/2017 | 117,181 | ||||||||||||||||
NOK | 53,466,059 | USD | 6,800,986 | JPMorgan Chase Bank | 11/15/2017 | 101,179 | ||||||||||||||||
SEK | 37,434,270 | USD | 4,699,888 | Goldman Sachs International | 11/15/2017 | 30,443 | ||||||||||||||||
USD | 130,000 | EUR | 108,663 | Goldman Sachs International | 11/15/2017 | 145 | ||||||||||||||||
USD | 8,123,000 | NZD | 11,287,526 | Goldman Sachs International | 11/15/2017 | 29,561 | ||||||||||||||||
USD | 2,503,563 | GBP | 1,919,759 | JPMorgan Chase Bank | 11/15/2017 | 15,213 | ||||||||||||||||
|
|
|||||||||||||||||||||
$483,788 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||
JPY | 808,493,760 | USD | 7,395,763 | JPMorgan Chase Bank | 11/15/2017 | $(16,872 | ) | |||||||||||||||
NZD | 972,913 | USD | 706,087 | Goldman Sachs International | 11/15/2017 | (8,484 | ) | |||||||||||||||
USD | 208,000 | CHF | 198,571 | Goldman Sachs International | 11/15/2017 | (37 | ) | |||||||||||||||
USD | 3,939,484 | EUR | 3,337,629 | Goldman Sachs International | 11/15/2017 | (49,068 | ) | |||||||||||||||
USD | 5,353,000 | AUD | 6,779,571 | JPMorgan Chase Bank | 11/15/2017 | (31,560 | ) | |||||||||||||||
USD | 12,622,015 | CHF | 12,105,863 | JPMorgan Chase Bank | 11/15/2017 | (60,971 | ) | |||||||||||||||
USD | 1,671,430 | EUR | 1,415,827 | JPMorgan Chase Bank | 11/15/2017 | (20,519 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
$(187,511 | ) | |||||||||||||||||||||
|
|
Futures Contracts at 8/31/17
Description | Long/Short | Currency | Contracts | Notional Amount |
Expiration Date | Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||
Equity Futures | ||||||||||||||||||||||||
AEX 25 Index | Short | EUR | 23 | $2,824,557 | September - 2017 | $26,474 | ||||||||||||||||||
ASX SPI 200 Index | Short | AUD | 75 | 8,478,141 | September - 2017 | 12,322 | ||||||||||||||||||
BIST 30 Index | Long | TRY | 1,936 | 7,723,315 | October - 2017 | 21,402 | ||||||||||||||||||
Bovespa Index | Short | BRL | 206 | 4,676,449 | October - 2017 | 17,116 | ||||||||||||||||||
FTSE 100 Index | Long | GBP | 96 | 9,226,527 | September - 2017 | 17,065 | ||||||||||||||||||
FTSE MIB Index | Long | EUR | 64 | 8,252,390 | September - 2017 | 233,212 | ||||||||||||||||||
Hang Seng China ENT Index | Short | HKD | 79 | 5,689,474 | September - 2017 | 35,166 | ||||||||||||||||||
Hang Seng Index | Long | HKD | 44 | 7,853,739 | September - 2017 | 32,900 | ||||||||||||||||||
Mexican Bolsa Index | Short | MXN | 7 | 200,695 | September - 2017 | 263 | ||||||||||||||||||
MSCI Singapore Index | Long | SGD | 306 | 8,242,671 | September - 2017 | 57,735 | ||||||||||||||||||
MSCI Taiwan Index | Long | USD | 193 | 7,646,660 | September - 2017 | 11,404 | ||||||||||||||||||
Russell 2000 Index | Short | USD | 124 | 8,707,280 | September - 2017 | 106,372 | ||||||||||||||||||
S&P TSX 60 Index | Short | CAD | 60 | 8,562,162 | September - 2017 | 140,134 | ||||||||||||||||||
Topix Index | Long | JPY | 8 | 1,179,606 | September - 2017 | 13,746 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
$725,311 | ||||||||||||||||||||||||
|
|
10
Portfolio of Investments (unaudited) – continued
Futures Contracts at 8/31/17 - continued
Description | Long/Short | Currency | Contracts | Notional Amount |
Expiration Date | Value/Unrealized Appreciation (Depreciation) |
||||||||||||||||||
Asset Derivatives – continued | ||||||||||||||||||||||||
Interest Rate Futures | ||||||||||||||||||||||||
Euro Bund | Long | EUR | 62 | $12,184,208 | September - 2017 | $8,662 | ||||||||||||||||||
U.S. Treasury Note 2 yr | Long | USD | 92 | 19,900,750 | December - 2017 | 5,425 | ||||||||||||||||||
|
|
|||||||||||||||||||||||
$14,087 | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||
$739,398 | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Equity Futures | ||||||||||||||||||||||||
CAC 40 Index | Long | EUR | 74 | $4,479,104 | September - 2017 | $(42,044 | ) | |||||||||||||||||
DAX Index | Long | EUR | 2 | 718,198 | September - 2017 | (39,320 | ) | |||||||||||||||||
FTSE JSE Top 40 Index | Short | ZAR | 163 | 6,243,838 | September - 2017 | (505,587 | ) | |||||||||||||||||
IBEX Index | Long | EUR | 48 | 5,887,299 | September - 2017 | (95,068 | ) | |||||||||||||||||
KOSPI Index | Long | KRW | 112 | 7,648,102 | September - 2017 | (93,541 | ) | |||||||||||||||||
NIFTY Index | Short | USD | 314 | 6,241,064 | September - 2017 | (3,990 | ) | |||||||||||||||||
OMX Index | Short | SEK | 289 | 5,617,601 | September - 2017 | (45,025 | ) | |||||||||||||||||
S&P 500 E-Mini Index | Short | USD | 61 | 7,533,805 | September - 2017 | (92,484 | ) | |||||||||||||||||
|
|
|||||||||||||||||||||||
$(917,059 | ) | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Interest Rate Futures | ||||||||||||||||||||||||
Australian Treasury Bond 10 yr | Long | AUD | 200 | $20,454,105 | September - 2017 | $(220,743 | ) | |||||||||||||||||
Japanese Government Bond 10 yr | Short | JPY | 12 | 16,495,566 | September - 2017 | (32,409 | ) | |||||||||||||||||
Long Gilt 10 yr | Long | GBP | 32 | 5,267,572 | December - 2017 | (16,626 | ) | |||||||||||||||||
U.S. Treasury Note 10 yr | Short | USD | 204 | 25,904,813 | December - 2017 | (54,552 | ) | |||||||||||||||||
U.S. Treasury Note 5 yr | Long | USD | 14 | 1,659,000 | December - 2017 | (1,362 | ) | |||||||||||||||||
|
|
|||||||||||||||||||||||
$(325,692 | ) | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
$(1,242,751 | ) | |||||||||||||||||||||||
|
|
Swap Agreements at 8/31/17
Maturity Date | Notional Amount |
Counterparty | Cash Flows to Receive/Frequency |
Cash Flows to Pay/Frequency |
Value | Net Unamortized Payments/ |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||||
Total Return Swap Agreements | ||||||||||||||||||||||||||
12/20/17 | USD | 20,490,000 | Goldman Sachs International |
(1) | 1.273% FLR (3 month LIBOR)/quarterly |
$198,173 | $— | $198,173 | ||||||||||||||||||
|
|
(1) | Fund to pay notional amount multiplied by the rate of return of the iBoxx $ Liquid High Yield Index. |
At August 31, 2017, the fund had liquid securities with an aggregate value of $7,875,089 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
11
Supplemental Information
8/31/17 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Swap agreements are generally valued at valuations provided by a third-party pricing service, which for cleared swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other
12
Supplemental Information (unaudited) – continued
financial instruments are derivative instruments not reflected in total investments, such as futures contracts, forward foreign currency exchange contracts, and swap agreements. The following is a summary of the levels used as of August 31, 2017 in valuing the fund’s assets or liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
U.S. Treasury Bonds & U.S. Government Agency & Equivalents | $— | $13,736,679 | $— | $13,736,679 | ||||||||||||
Non-U.S. Sovereign Debt | — | 10,405,790 | — | 10,405,790 | ||||||||||||
U.S. Corporate Bonds | — | 76,307,730 | — | 76,307,730 | ||||||||||||
Residential Mortgage-Backed Securities | — | 2,849,722 | — | 2,849,722 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 3,081,329 | — | 3,081,329 | ||||||||||||
Asset-Backed Securities (including CDOs) | — | 35,975,192 | — | 35,975,192 | ||||||||||||
Foreign Bonds | — | 52,300,891 | — | 52,300,891 | ||||||||||||
Mutual Funds | 8,362,572 | — | — | 8,362,572 | ||||||||||||
Total | $8,362,572 | $194,657,333 | $— | $203,019,905 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts - Assets | $739,398 | $— | $— | $739,398 | ||||||||||||
Futures Contracts - Liabilities | (1,242,751 | ) | — | — | (1,242,751 | ) | ||||||||||
Swap Agreements - Assets | — | 198,173 | — | 198,173 | ||||||||||||
Forward Foreign Currency Exchange Contracts - Assets | — | 483,788 | — | 483,788 | ||||||||||||
Forward Foreign Currency Exchange Contracts - Liabilities | — | (187,511 | ) | — | (187,511 | ) |
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
Aggregate cost | $202,758,680 | |||
Gross unrealized appreciation | 923,225 | |||
Gross unrealized depreciation | (662,000 | ) | ||
Net unrealized appreciation (depreciation) | $261,225 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:
Affiliated Issuer | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
MFS Institutional Money Market Portfolio | 14,140,650 | 17,996,325 | (23,774,403 | ) | 8,362,572 | |||||||||||||||
Affiliated Issuer | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
MFS Institutional Money Market Portfolio | $114 | $(266 | ) | $— | $25,834 | $8,362,572 |
13
Supplemental Information (unaudited) – continued
(4) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of August 31, 2017, are as follows:
United States | 48.1% | |||
United Kingdom | 12.4% | |||
Germany | 7.4% | |||
Australia | 7.2% | |||
France | 5.6% | |||
South Korea | 4.4% | |||
Italy | 4.3% | |||
Singapore | 4.1% | |||
Japan | (4.9)% | |||
Other Countries | 11.4% |
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
14
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
International Stock Funds – 30.0% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 990,348 | $ 34,176,900 | ||
MFS International Growth Fund - Class R6 | 4,233,387 | 135,976,412 | ||
MFS International New Discovery Fund - Class R6 | 2,018,837 | 68,014,617 | ||
MFS International Value Fund - Class R6 | 3,273,349 | 135,876,701 | ||
MFS Research International Fund - Class R6 | 7,497,045 | 135,696,511 | ||
$ 509,741,141 | ||||
Specialty Funds – 10.0% | ||||
MFS Commodity Strategy Fund - Class R6 (v) | 14,452,417 | $ 84,113,067 | ||
MFS Global Real Estate Fund - Class R6 | 5,396,747 | 85,268,599 | ||
$ 169,381,666 | ||||
U.S. Stock Funds – 60.0% | ||||
MFS Growth Fund - Class R6 | 2,433,579 | $ 223,037,496 | ||
MFS Mid Cap Growth Fund - Class R6 | 9,944,789 | 171,547,599 | ||
MFS Mid Cap Value Fund - Class R6 | 7,394,114 | 168,585,801 | ||
MFS New Discovery Fund - Class R6 | 1,433,777 | 43,027,646 | ||
MFS New Discovery Value Fund - Class R6 | 2,880,084 | 42,078,026 | ||
MFS Research Fund - Class R6 | 3,600,521 | 153,454,209 | ||
MFS Value Fund - Class R6 | 5,624,795 | 219,423,263 | ||
$ 1,021,154,040 | ||||
Money Market Funds – 0.0% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 764,918 | $ 764,918 | ||
Total Investment Companies | $1,701,041,765 | |||
Other Assets, Less Liabilities – (0.0)% | (440,769) | |||
Net Assets – 100.0% | $1,700,600,996 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,701,041,765 and $0, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $1,701,041,765 | $— | $— | $1,701,041,765 |
Aggregate cost | $1,020,039,410 |
Gross unrealized appreciation | 707,524,890 |
Gross unrealized depreciation | (26,522,535) |
Net unrealized appreciation (depreciation) | $681,002,355 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Commodity Strategy Fund | 14,005,264 | 447,153 | — | 14,452,417 |
MFS Emerging Markets Equity Fund | 1,073,682 | — | (83,334) | 990,348 |
MFS Global Real Estate Fund | 5,408,441 | 33,564 | (45,258) | 5,396,747 |
MFS Growth Fund | 2,568,291 | — | (134,712) | 2,433,579 |
MFS Institutional Money Market Portfolio | 1,415,557 | 10,293,001 | (10,943,640) | 764,918 |
MFS International Growth Fund | 4,501,826 | 217 | (268,656) | 4,233,387 |
MFS International New Discovery Fund | 2,117,575 | 59 | (98,797) | 2,018,837 |
MFS International Value Fund | 3,409,462 | 904 | (137,017) | 3,273,349 |
MFS Mid Cap Growth Fund | 10,449,098 | 13 | (504,322) | 9,944,789 |
MFS Mid Cap Value Fund | 7,368,930 | 34,446 | (9,262) | 7,394,114 |
MFS New Discovery Fund | 1,470,344 | 101 | (36,668) | 1,433,777 |
MFS New Discovery Value Fund | 2,777,438 | 102,646 | — | 2,880,084 |
MFS Research Fund | 3,723,930 | 105 | (123,514) | 3,600,521 |
MFS Research International Fund | 7,891,190 | 3,745 | (397,890) | 7,497,045 |
MFS Value Fund | 5,712,667 | 37,580 | (125,452) | 5,624,795 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Commodity Strategy Fund | $— | $1,608,805 | $— | $— | $84,113,067 |
MFS Emerging Markets Equity Fund | 243,861 | 2,353,243 | — | — | 34,176,900 |
MFS Global Real Estate Fund | 4,373 | 2,918,737 | — | — | 85,268,599 |
MFS Growth Fund | 3,421,212 | 5,324,917 | — | — | 223,037,496 |
MFS Institutional Money Market Portfolio | 29 | — | — | 964 | 764,918 |
MFS International Growth Fund | 1,372,112 | 2,868,442 | — | — | 135,976,412 |
MFS International New Discovery Fund | 512,966 | 1,351,425 | — | — | 68,014,617 |
MFS International Value Fund | 1,142,497 | 357,440 | — | — | 135,876,701 |
MFS Mid Cap Growth Fund | 1,593,634 | 4,407,882 | — | — | 171,547,599 |
MFS Mid Cap Value Fund | 2,504 | 1,842,300 | — | — | 168,585,801 |
MFS New Discovery Fund | 109,144 | 1,431,086 | — | — | 43,027,646 |
MFS New Discovery Value Fund | — | (318,917) | 541,071 | 431,053 | 42,078,026 |
MFS Research Fund | 775,138 | 4,045,192 | — | — | 153,454,209 |
Affiliated Issuer − continued | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
MFS Research International Fund | $508,740 | $2,896,303 | $— | $— | $135,696,511 | ||||
MFS Value Fund | 339,328 | 3,735,818 | — | 943,665 | 219,423,263 | ||||
$10,025,538 | $34,822,673 | $541,071 | $1,375,682 | $1,701,041,765 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
Bond Funds – 59.9% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 5,831,969 | $ 88,470,964 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 8,077,241 | 58,963,862 | ||
MFS Global Bond Fund - Class R6 | 16,324,332 | 146,755,746 | ||
MFS Government Securities Fund - Class R6 | 29,669,310 | 293,726,170 | ||
MFS High Income Fund - Class R6 | 42,517,231 | 147,109,620 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 28,186,814 | 293,988,473 | ||
MFS Limited Maturity Fund - Class R6 | 48,945,218 | 293,181,853 | ||
MFS Total Return Bond Fund - Class R6 | 40,770,258 | 440,726,487 | ||
$ 1,762,923,175 | ||||
International Stock Funds – 8.0% | ||||
MFS International Growth Fund - Class R6 | 1,831,790 | $ 58,837,093 | ||
MFS International Value Fund - Class R6 | 1,416,719 | 58,808,001 | ||
MFS Research International Fund - Class R6 | 6,482,453 | 117,332,409 | ||
$ 234,977,503 | ||||
Specialty Funds – 4.0% | ||||
MFS Absolute Return Fund - Class R6 | 6,039,623 | $ 58,523,944 | ||
MFS Commodity Strategy Fund - Class R6 (v) | 5,072,978 | 29,524,732 | ||
MFS Global Real Estate Fund - Class R6 | 1,869,027 | 29,530,623 | ||
$ 117,579,299 | ||||
U.S. Stock Funds – 28.0% | ||||
MFS Growth Fund - Class R6 | 1,941,488 | $ 177,937,386 | ||
MFS Mid Cap Growth Fund - Class R6 | 6,876,421 | 118,618,262 | ||
MFS Mid Cap Value Fund - Class R6 | 5,111,368 | 116,539,192 | ||
MFS New Discovery Fund - Class R6 | 990,252 | 29,717,445 | ||
MFS New Discovery Value Fund - Class R6 | 2,006,023 | 29,307,998 | ||
MFS Research Fund - Class R6 | 4,152,470 | 176,978,273 | ||
MFS Value Fund - Class R6 | 4,495,276 | 175,360,730 | ||
$ 824,459,286 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 2,054,541 | $ 2,054,541 | ||
Total Investment Companies | $2,941,993,804 | |||
Other Assets, Less Liabilities – (0.0)% | (349,487) | |||
Net Assets – 100.0% | $2,941,644,317 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,941,993,804 and $0, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $2,941,993,804 | $— | $— | $2,941,993,804 |
Aggregate cost | $2,391,122,605 |
Gross unrealized appreciation | 566,236,795 |
Gross unrealized depreciation | (15,365,596) |
Net unrealized appreciation (depreciation) | $550,871,199 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Absolute Return Fund | 6,152,193 | 36,058 | (148,628) | 6,039,623 |
MFS Commodity Strategy Fund | 4,987,570 | 214,673 | (129,265) | 5,072,978 |
MFS Emerging Markets Debt Fund | 5,921,924 | 71,804 | (161,759) | 5,831,969 |
MFS Emerging Markets Debt Local Currency Fund | 8,395,687 | 115,878 | (434,324) | 8,077,241 |
MFS Global Bond Fund | 16,893,808 | 128,397 | (697,873) | 16,324,332 |
MFS Global Real Estate Fund | 1,911,880 | 12,287 | (55,140) | 1,869,027 |
MFS Government Securities Fund | 29,839,761 | 297,755 | (468,206) | 29,669,310 |
MFS Growth Fund | 2,035,203 | 6,429 | (100,144) | 1,941,488 |
MFS High Income Fund | 42,692,782 | 678,377 | (853,928) | 42,517,231 |
MFS Inflation-Adjusted Bond Fund | 28,141,199 | 350,578 | (304,963) | 28,186,814 |
MFS Institutional Money Market Portfolio | 767,771 | 26,573,251 | (25,286,481) | 2,054,541 |
MFS International Growth Fund | 1,916,847 | 4,903 | (89,960) | 1,831,790 |
MFS International Value Fund | 1,455,526 | 4,056 | (42,863) | 1,416,719 |
MFS Limited Maturity Fund | 49,105,422 | 496,188 | (656,392) | 48,945,218 |
MFS Mid Cap Growth Fund | 7,174,595 | 25,929 | (324,103) | 6,876,421 |
MFS Mid Cap Value Fund | 5,199,733 | 41,041 | (129,406) | 5,111,368 |
MFS New Discovery Fund | 1,020,535 | 5,154 | (35,437) | 990,252 |
MFS New Discovery Value Fund | 1,957,154 | 73,930 | (25,061) | 2,006,023 |
MFS Research Fund | 4,306,955 | 3,824 | (158,309) | 4,152,470 |
MFS Research International Fund | 6,739,085 | 16,093 | (272,725) | 6,482,453 |
MFS Total Return Bond Fund | 41,291,639 | 367,637 | (889,018) | 40,770,258 |
MFS Value Fund | 4,631,715 | 32,862 | (169,301) | 4,495,276 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Absolute Return Fund | $(64,149) | $737,489 | $— | $173,776 | $58,523,944 |
MFS Commodity Strategy Fund | (482,297) | 1,071,742 | — | — | 29,524,732 |
MFS Emerging Markets Debt Fund | (16,437) | 1,070,435 | — | 1,035,851 | 88,470,964 |
MFS Emerging Markets Debt Local Currency Fund | (399,388) | 2,380,292 | — | 648,061 | 58,963,862 |
MFS Global Bond Fund | (1,063,013) | 4,559,760 | — | 631,018 | 146,755,746 |
MFS Global Real Estate Fund | 46,489 | 980,741 | — | — | 29,530,623 |
Affiliated Issuer − continued | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
MFS Government Securities Fund | $(285,367) | $879,907 | $— | $2,010,626 | $293,726,170 | ||||
MFS Growth Fund | 4,322,653 | 2,650,173 | — | — | 177,937,386 | ||||
MFS High Income Fund | (83,147) | (341,821) | — | 1,851,382 | 147,109,620 | ||||
MFS Inflation-Adjusted Bond Fund | (261,455) | 274,050 | — | 1,273,350 | 293,988,473 | ||||
MFS Institutional Money Market Portfolio | (288) | 15 | — | 4,369 | 2,054,541 | ||||
MFS International Growth Fund | 527,659 | 1,296,492 | — | — | 58,837,093 | ||||
MFS International Value Fund | 625,399 | 26,412 | — | — | 58,808,001 | ||||
MFS Limited Maturity Fund | (135,487) | 625,260 | — | 1,338,482 | 293,181,853 | ||||
MFS Mid Cap Growth Fund | 2,244,329 | 1,899,994 | — | — | 118,618,262 | ||||
MFS Mid Cap Value Fund | 974,053 | 361,021 | — | — | 116,539,192 | ||||
MFS New Discovery Fund | 183,022 | 886,966 | — | — | 29,717,445 | ||||
MFS New Discovery Value Fund | 32,795 | (241,522) | 375,670 | 299,283 | 29,307,998 | ||||
MFS Research Fund | 2,265,280 | 3,289,408 | — | — | 176,978,273 | ||||
MFS Research International Fund | 653,889 | 2,273,716 | — | — | 117,332,409 | ||||
MFS Total Return Bond Fund | (121,235) | 2,988,208 | — | 2,938,325 | 440,726,487 | ||||
MFS Value Fund | 1,817,535 | 1,484,943 | — | 750,681 | 175,360,730 | ||||
$10,780,840 | $29,153,681 | $375,670 | $12,955,204 | $2,941,993,804 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 97.8% | ||||
Airlines – 0.5% | ||||
Grupo Aeroportuario del Sureste S.A. de C.V., ADR | 27,454 | $ 5,591,282 | ||
Alcoholic Beverages – 2.8% | ||||
AmBev S.A., ADR | 2,961,245 | $ 18,537,394 | ||
Becle S.A.B. de C.V. (a) | 585,900 | 1,025,368 | ||
China Resources Enterprise Ltd. | 5,404,000 | 13,562,222 | ||
$ 33,124,984 | ||||
Apparel Manufacturers – 0.8% | ||||
Stella International Holdings | 5,157,000 | $ 9,133,440 | ||
Automotive – 1.3% | ||||
Kia Motors Corp. | 216,073 | $ 6,793,001 | ||
Mahindra & Mahindra Ltd. | 429,687 | 9,039,214 | ||
$ 15,832,215 | ||||
Business Services – 1.8% | ||||
Cognizant Technology Solutions Corp., “A” | 307,905 | $ 21,790,437 | ||
Cable TV – 1.7% | ||||
Naspers Ltd. | 89,885 | $ 20,320,868 | ||
Computer Software - Systems – 2.3% | ||||
EPAM Systems, Inc. (a) | 140,714 | $ 11,444,269 | ||
Globant S.A. (a) | 230,230 | 8,953,645 | ||
Linx S.A. | 1,099,300 | 6,401,248 | ||
$ 26,799,162 | ||||
Construction – 2.2% | ||||
PT Indocement Tunggal Prakarsa Tbk. | 2,719,400 | $ 4,035,686 | ||
Techtronic Industries Co. Ltd. | 4,252,000 | 22,005,047 | ||
$ 26,040,733 | ||||
Consumer Products – 0.9% | ||||
Dabur India Ltd. | 2,151,566 | $ 10,605,322 | ||
Consumer Services – 6.8% | ||||
51job, Inc., ADR (a) | 288,715 | $ 17,149,671 | ||
China Maple Leaf Educational Systems | 8,179,000 | 6,939,726 | ||
Ctrip.com International Ltd., ADR (a) | 356,174 | 18,325,152 | ||
Kroton Educacional S.A. | 2,618,000 | 14,945,268 | ||
MakeMyTrip Ltd. (a) | 342,869 | 11,691,833 | ||
SEEK Ltd. | 925,986 | 12,329,883 | ||
$ 81,381,533 | ||||
Electrical Equipment – 1.1% | ||||
LS Industrial Systems Co. Ltd. | 259,280 | $ 13,382,490 | ||
Electronics – 10.6% | ||||
Samsung Electronics Co. Ltd. | 29,919 | $ 61,451,227 | ||
Silicon Motion Technology Corp., ADR | 266,900 | 12,173,309 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,375,695 | 52,912,223 | ||
$ 126,536,759 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Energy - Independent – 1.1% | ||||
Gran Tierra Energy, Inc. (a) | 2,960,020 | $ 6,068,189 | ||
Ultrapar Participacoes S.A. | 275,540 | 6,429,281 | ||
$ 12,497,470 | ||||
Energy - Integrated – 2.4% | ||||
LUKOIL PJSC, ADR | 476,365 | $ 23,937,341 | ||
YPF S.A., ADR | 241,273 | 4,839,937 | ||
$ 28,777,278 | ||||
Food & Beverages – 3.8% | ||||
AVI Ltd. | 2,002,099 | $ 15,204,179 | ||
BRF S.A. (a) | 740,010 | 9,995,783 | ||
Orion Corp. (a) | 143,376 | 11,100,323 | ||
Tingyi (Cayman Islands) Holding Corp. | 6,502,000 | 8,657,425 | ||
$ 44,957,710 | ||||
Food & Drug Stores – 2.9% | ||||
Clicks Group Ltd. | 1,242,579 | $ 14,213,184 | ||
Dairy Farm International Holdings Ltd. | 1,223,700 | 9,911,970 | ||
Eurocash S.A. | 976,530 | 10,714,373 | ||
$ 34,839,527 | ||||
Forest & Paper Products – 1.3% | ||||
Fibria Celulose S.A. | 1,153,207 | $ 15,309,662 | ||
Furniture & Appliances – 1.4% | ||||
Coway Co. Ltd. | 190,929 | $ 16,729,146 | ||
General Merchandise – 0.4% | ||||
S.A.C.I. Falabella | 502,799 | $ 5,081,107 | ||
Insurance – 2.1% | ||||
AIA Group Ltd. | 2,513,200 | $ 19,284,753 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 23,437 | 5,747,012 | ||
$ 25,031,765 | ||||
Internet – 11.4% | ||||
Alibaba Group Holding Ltd., ADR (a) | 369,260 | $ 63,416,712 | ||
Baidu, Inc., ADR (a) | 147,611 | 33,662,689 | ||
NAVER Corp. | 13,546 | 9,069,909 | ||
Tencent Holdings Ltd. | 705,100 | 29,642,897 | ||
$ 135,792,207 | ||||
Major Banks – 3.5% | ||||
China Construction Bank | 29,757,490 | $ 26,085,216 | ||
Industrial & Commercial Bank of China, “H” | 20,650,000 | 15,462,927 | ||
$ 41,548,143 | ||||
Metals & Mining – 1.1% | ||||
Iluka Resources Ltd. | 1,729,067 | $ 13,016,719 | ||
Network & Telecom – 1.5% | ||||
VTech Holdings Ltd. | 1,255,900 | $ 17,653,132 | ||
Oil Services – 0.7% | ||||
Lamprell PLC (a) | 6,087,375 | $ 7,871,589 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – 16.3% | ||||
Banco Bradesco S.A., ADR | 2,352,591 | $ 25,031,568 | ||
Credicorp Ltd. | 42,920 | 8,705,893 | ||
E.Sun Financial Holding Co. Ltd. | 21,318,631 | 13,139,154 | ||
Grupo Financiero Banorte S.A. de C.V. | 1,006,545 | 6,863,709 | ||
Grupo Financiero Inbursa S.A. de C.V. | 7,761,879 | 12,980,421 | ||
Housing Development Finance Corp. Ltd. | 1,292,564 | 35,928,229 | ||
Kasikornbank Co. Ltd. | 1,964,500 | 12,483,346 | ||
Komercni Banka A.S. | 100,356 | 4,422,824 | ||
Kotak Mahindra Bank Ltd. | 1,257,589 | 19,200,358 | ||
PT Bank Central Asia Tbk | 4,869,900 | 6,916,849 | ||
Public Bank Berhad | 2,203,151 | 10,639,709 | ||
Sberbank of Russia | 3,422,460 | 10,827,613 | ||
Shriram Transport Finance Co. Ltd. | 983,127 | 15,148,395 | ||
Turkiye Sinai Kalkinma Bankasi A.S. | 14,869,200 | 6,544,239 | ||
Union National Bank | 4,696,159 | 5,408,465 | ||
$ 194,240,772 | ||||
Pharmaceuticals – 0.9% | ||||
Genomma Lab Internacional S.A., “B” (a) | 7,904,711 | $ 10,128,888 | ||
Real Estate – 1.9% | ||||
Aldar Properties PJSC | 8,710,226 | $ 5,488,199 | ||
Concentradora Fibra Hotelera Mexicana S.A. de C.V., REIT | 5,489,760 | 4,492,089 | ||
Hang Lung Properties Ltd. | 5,315,000 | 12,931,361 | ||
$ 22,911,649 | ||||
Restaurants – 3.5% | ||||
Alsea S.A.B. de C.V. | 1,673,585 | $ 6,088,997 | ||
Jollibee Foods Corp. | 1,518,800 | 7,070,123 | ||
Yum China Holdings, Inc. (a) | 810,017 | 28,642,201 | ||
$ 41,801,321 | ||||
Specialty Chemicals – 1.4% | ||||
Astra Argo Lestari | 6,306,900 | $ 6,972,476 | ||
PTT Global Chemical PLC | 3,992,500 | 9,198,201 | ||
$ 16,170,677 | ||||
Specialty Stores – 3.1% | ||||
Dufry AG (a) | 146,018 | $ 22,505,303 | ||
JD.com, Inc., ADR (a) | 326,739 | 13,693,632 | ||
$ 36,198,935 | ||||
Telecommunications - Wireless – 1.0% | ||||
Mobile TeleSystems PJSC, ADR | 1,166,922 | $ 11,657,551 | ||
Telephone Services – 0.6% | ||||
PT XL Axiata Tbk (a) | 28,101,850 | $ 7,582,571 | ||
Tobacco – 0.5% | ||||
PT Hanjaya Mandala Sampoerna Tbk | 20,641,400 | $ 5,631,442 | ||
Trucking – 1.1% | ||||
Emergent Capital, Inc. | 845,241 | $ 13,555,044 | ||
Utilities - Electric Power – 1.1% | ||||
CESC Ltd. | 819,115 | $ 13,014,608 | ||
Total Common Stocks | $1,162,538,138 |
Issuer | Shares/Par | Value ($) | ||
Preferred Stocks – 0.7% | ||||
Forest & Paper Products – 0.7% | ||||
Suzano Papel e Celulose S.A. | 1,556,100 | $ 8,650,904 | ||
Investment Companies (h) – 1.6% | ||||
Money Market Funds – 1.6% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 19,091,135 | $ 19,091,135 | ||
Other Assets, Less Liabilities – (0.1)% | (1,254,064) | |||
Net Assets – 100.0% | $1,189,026,113 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $19,091,135 and $1,171,189,042, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
China | $275,240,469 | $— | $— | $275,240,469 |
South Korea | 124,273,110 | — | — | 124,273,110 |
India | 114,627,959 | — | — | 114,627,959 |
Brazil | 105,301,109 | — | — | 105,301,109 |
Hong Kong | 90,919,705 | — | — | 90,919,705 |
Taiwan | 78,224,686 | — | — | 78,224,686 |
South Africa | 63,293,274 | — | — | 63,293,274 |
Mexico | 47,170,754 | — | — | 47,170,754 |
Russia | 35,594,892 | 10,827,613 | — | 46,422,505 |
Other Countries | 200,389,363 | 25,326,108 | — | 225,715,471 |
Mutual Funds | 19,091,135 | — | — | 19,091,135 |
Total | $1,154,126,456 | $36,153,721 | $— | $1,190,280,177 |
Aggregate cost | $926,254,618 |
Gross unrealized appreciation | 286,844,915 |
Gross unrealized depreciation | (22,819,356) |
Net unrealized appreciation (depreciation) | $264,025,559 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Institutional Money Market Portfolio | 19,889,594 | 58,619,557 | (59,418,016) | 19,091,135 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Institutional Money Market Portfolio | $(782) | $167 | $— | $64,625 | $19,091,135 |
China | 23.1% |
South Korea | 10.5% |
India | 9.6% |
Brazil | 8.9% |
Hong Kong | 7.6% |
Taiwan | 6.6% |
South Africa | 5.3% |
United States | 4.3% |
Mexico | 4.0% |
Other Countries | 20.1% |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
Bond Funds – 19.9% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 9,905,444 | $ 150,265,586 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 13,726,859 | 100,206,071 | ||
MFS Global Bond Fund - Class R6 | 11,083,358 | 99,639,387 | ||
MFS High Income Fund - Class R6 | 72,188,148 | 249,770,994 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 23,885,757 | 249,128,449 | ||
MFS Total Return Bond Fund - Class R6 | 13,838,841 | 149,597,868 | ||
$ 998,608,355 | ||||
International Stock Funds – 19.9% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 1,453,221 | $ 50,150,654 | ||
MFS International Growth Fund - Class R6 | 7,785,737 | 250,077,867 | ||
MFS International New Discovery Fund - Class R6 | 2,970,442 | 100,074,187 | ||
MFS International Value Fund - Class R6 | 6,023,160 | 250,021,366 | ||
MFS Research International Fund - Class R6 | 19,307,672 | 349,468,864 | ||
$ 999,792,938 | ||||
Specialty Funds – 7.9% | ||||
MFS Absolute Return Fund - Class R6 | 5,120,407 | $ 49,616,739 | ||
MFS Commodity Strategy Fund - Class R6 (v) | 34,025,856 | 198,030,482 | ||
MFS Global Real Estate Fund - Class R6 | 9,531,857 | 150,603,348 | ||
$ 398,250,569 | ||||
U.S. Stock Funds – 52.0% | ||||
MFS Growth Fund - Class R6 | 6,051,807 | $ 554,648,077 | ||
MFS Mid Cap Growth Fund - Class R6 | 26,308,367 | 453,819,331 | ||
MFS Mid Cap Value Fund - Class R6 | 19,575,223 | 446,315,079 | ||
MFS New Discovery Fund - Class R6 | 3,367,881 | 101,070,116 | ||
MFS New Discovery Value Fund - Class R6 | 6,823,314 | 99,688,620 | ||
MFS Research Fund - Class R6 | 9,418,437 | 401,413,773 | ||
MFS Value Fund - Class R6 | 14,007,525 | 546,433,553 | ||
$ 2,603,388,549 | ||||
Money Market Funds – 0.3% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 13,089,679 | $ 13,089,679 | ||
Total Investment Companies | $5,013,130,090 | |||
Other Assets, Less Liabilities – (0.0)% | (2,262,334) | |||
Net Assets – 100.0% | $5,010,867,756 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $5,013,130,090 and $0, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $5,013,130,090 | $— | $— | $5,013,130,090 |
Aggregate cost | $3,402,300,668 |
Gross unrealized appreciation | 1,693,928,006 |
Gross unrealized depreciation | (83,098,584) |
Net unrealized appreciation (depreciation) | $1,610,829,422 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Absolute Return Fund | 5,213,504 | 24,960 | (118,057) | 5,120,407 |
MFS Commodity Strategy Fund | 33,359,387 | 666,469 | — | 34,025,856 |
MFS Emerging Markets Debt Fund | 10,054,591 | 128,136 | (277,283) | 9,905,444 |
MFS Emerging Markets Debt Local Currency Fund | 14,298,358 | 163,594 | (735,093) | 13,726,859 |
MFS Emerging Markets Equity Fund | 1,592,705 | 44 | (139,528) | 1,453,221 |
MFS Global Bond Fund | 11,482,102 | 57,113 | (455,857) | 11,083,358 |
MFS Global Real Estate Fund | 9,674,162 | 19,957 | (162,262) | 9,531,857 |
MFS Growth Fund | 6,436,608 | 611 | (385,412) | 6,051,807 |
MFS High Income Fund | 72,525,766 | 993,577 | (1,331,195) | 72,188,148 |
MFS Inflation-Adjusted Bond Fund | 23,752,635 | 240,877 | (107,755) | 23,885,757 |
MFS Institutional Money Market Portfolio | 7,939,564 | 41,780,904 | (36,630,789) | 13,089,679 |
MFS International Growth Fund | 8,303,706 | 124 | (518,093) | 7,785,737 |
MFS International New Discovery Fund | 3,136,049 | 29 | (165,636) | 2,970,442 |
MFS International Value Fund | 6,296,981 | 872 | (274,693) | 6,023,160 |
MFS Mid Cap Growth Fund | 27,853,381 | 1,049 | (1,546,063) | 26,308,367 |
MFS Mid Cap Value Fund | 19,932,857 | 44,836 | (402,470) | 19,575,223 |
MFS New Discovery Fund | 3,506,114 | 586 | (138,819) | 3,367,881 |
MFS New Discovery Value Fund | 6,661,221 | 188,503 | (26,410) | 6,823,314 |
MFS Research Fund | 9,865,286 | 814 | (447,663) | 9,418,437 |
MFS Research International Fund | 20,408,748 | 2,464 | (1,103,540) | 19,307,672 |
MFS Total Return Bond Fund | 13,965,104 | 113,459 | (239,722) | 13,838,841 |
MFS Value Fund | 14,538,862 | 70,406 | (601,743) | 14,007,525 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Absolute Return Fund | $(47,529) | $621,965 | $— | $148,049 | $49,616,739 |
MFS Commodity Strategy Fund | — | 3,803,125 | — | — | 198,030,482 |
MFS Emerging Markets Debt Fund | (67,390) | 1,859,806 | — | 1,764,908 | 150,265,586 |
MFS Emerging Markets Debt Local Currency Fund | (666,835) | 4,046,878 | — | 1,107,919 | 100,206,071 |
MFS Emerging Markets Equity Fund | 352,640 | 3,475,968 | — | — | 50,150,654 |
MFS Global Bond Fund | (723,823) | 3,113,542 | — | 430,849 | 99,639,387 |
Affiliated Issuer − continued | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
MFS Global Real Estate Fund | $83,379 | $5,128,376 | $— | $— | $150,603,348 | ||||
MFS Growth Fund | 13,916,789 | 7,904,357 | — | — | 554,648,077 | ||||
MFS High Income Fund | (245,040) | (482,148) | — | 3,155,747 | 249,770,994 | ||||
MFS Inflation-Adjusted Bond Fund | (99,968) | 112,567 | — | 1,073,269 | 249,128,449 | ||||
MFS Institutional Money Market Portfolio | 407 | (255) | — | 28,585 | 13,089,679 | ||||
MFS International Growth Fund | 2,736,213 | 5,075,229 | — | — | 250,077,867 | ||||
MFS International New Discovery Fund | 888,672 | 1,862,205 | — | — | 100,074,187 | ||||
MFS International Value Fund | 2,333,625 | 442,929 | — | — | 250,021,366 | ||||
MFS Mid Cap Growth Fund | 5,111,674 | 10,824,019 | — | — | 453,819,331 | ||||
MFS Mid Cap Value Fund | 1,616,432 | 3,499,277 | — | — | 446,315,079 | ||||
MFS New Discovery Fund | 476,742 | 3,167,753 | — | — | 101,070,116 | ||||
MFS New Discovery Value Fund | 29,226 | (766,422) | 1,287,783 | 1,025,931 | 99,688,620 | ||||
MFS Research Fund | 2,834,744 | 9,836,486 | — | — | 401,413,773 | ||||
MFS Research International Fund | 1,429,678 | 7,361,808 | — | — | 349,468,864 | ||||
MFS Total Return Bond Fund | (62,129) | 1,035,978 | — | 998,847 | 149,597,868 | ||||
MFS Value Fund | 3,396,826 | 7,005,247 | — | 2,369,729 | 546,433,553 | ||||
$33,294,333 | $78,928,690 | $1,287,783 | $12,103,833 | $5,013,130,090 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 99.8% | ||||
International Stock Funds – 99.7% | ||||
MFS Emerging Markets Equity Fund - Class R6 | 25,122,523 | $ 866,978,272 | ||
MFS International Growth Fund - Class R6 | 67,281,159 | 2,161,070,822 | ||
MFS International New Discovery Fund - Class R6 | 25,658,678 | 864,440,873 | ||
MFS International Value Fund - Class R6 | 52,062,728 | 2,161,123,834 | ||
MFS Research International Fund - Class R6 | 143,264,785 | 2,593,092,602 | ||
$ 8,646,706,403 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 11,724,321 | $ 11,724,321 | ||
Total Investment Companies | $8,658,430,724 | |||
Other Assets, Less Liabilities – 0.2% | 14,477,116 | |||
Net Assets – 100.0% | $8,672,907,840 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $8,658,430,724 and $0, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $8,658,430,724 | $— | $— | $8,658,430,724 |
Aggregate cost | $7,264,364,592 |
Gross unrealized appreciation | 1,394,066,132 |
Gross unrealized depreciation | — |
Net unrealized appreciation (depreciation) | $1,394,066,132 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Emerging Markets Equity Fund | 23,898,489 | 1,494,415 | (270,381) | 25,122,523 |
MFS Institutional Money Market Portfolio | 18,120,933 | 133,557,416 | (139,954,028) | 11,724,321 |
MFS International Growth Fund | 61,395,716 | 5,947,905 | (62,462) | 67,281,159 |
MFS International New Discovery Fund | 23,329,998 | 2,400,930 | (72,250) | 25,658,678 |
MFS International Value Fund | 46,577,607 | 5,523,730 | (38,609) | 52,062,728 |
MFS Research International Fund | 129,953,107 | 13,471,597 | (159,919) | 143,264,785 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
MFS Emerging Markets Equity Fund | $1,764,669 | $60,248,028 | $— | $— | $866,978,272 | ||||
MFS Institutional Money Market Portfolio | (1,478) | — | — | 44,247 | 11,724,321 | ||||
MFS International Growth Fund | 793,820 | 62,026,773 | — | — | 2,161,070,822 | ||||
MFS International New Discovery Fund | 1,043,063 | 21,363,104 | — | — | 864,440,873 | ||||
MFS International Value Fund | 711,123 | 22,456,855 | — | — | 2,161,123,834 | ||||
MFS Research International Fund | 822,115 | 59,560,878 | — | — | 2,593,092,602 | ||||
$5,133,312 | $225,655,638 | $— | $44,247 | $8,658,430,724 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.7% | ||||
Aerospace – 1.0% | ||||
Rolls-Royce Holdings PLC | 4,363,592 | $ 51,573,032 | ||
Alcoholic Beverages – 5.2% | ||||
AmBev S.A., ADR | 4,493,328 | $ 28,128,233 | ||
Carlsberg A.S., “B” | 169,052 | 19,401,872 | ||
Diageo PLC | 2,918,087 | 97,806,016 | ||
Pernod Ricard S.A. (l) | 886,104 | 121,098,285 | ||
$ 266,434,406 | ||||
Apparel Manufacturers – 5.0% | ||||
Burberry Group PLC | 1,844,917 | $ 42,870,371 | ||
Kering S.A. | 249,981 | 93,830,144 | ||
LVMH Moet Hennessy Louis Vuitton SE | 455,362 | 119,394,442 | ||
$ 256,094,957 | ||||
Broadcasting – 1.7% | ||||
Publicis Groupe S.A. | 559,521 | $ 37,766,858 | ||
WPP PLC | 2,671,796 | 49,059,597 | ||
$ 86,826,455 | ||||
Business Services – 8.4% | ||||
Accenture PLC, “A” | 960,724 | $ 125,624,270 | ||
Amadeus IT Holding S.A. | 1,398,201 | 86,669,960 | ||
Brenntag AG | 765,194 | 40,549,858 | ||
Compass Group PLC | 3,120,273 | 66,655,343 | ||
Experian Group Ltd. | 2,237,275 | 44,957,559 | ||
Intertek Group PLC | 964,505 | 63,732,025 | ||
$ 428,189,015 | ||||
Computer Software – 4.3% | ||||
Dassault Systems S.A. | 565,770 | $ 55,733,886 | ||
OBIC Co. Ltd. | 622,800 | 39,032,992 | ||
SAP AG | 1,198,998 | 125,749,358 | ||
$ 220,516,236 | ||||
Computer Software - Systems – 1.6% | ||||
NICE Systems Ltd., ADR | 1,048,527 | $ 82,015,782 | ||
Construction – 0.8% | ||||
Toto Ltd. | 1,131,900 | $ 43,089,112 | ||
Consumer Products – 4.7% | ||||
L'Oréal | 518,529 | $ 109,475,176 | ||
Reckitt Benckiser Group PLC | 1,044,707 | 99,048,817 | ||
Shiseido Co. Ltd. | 737,300 | 30,575,801 | ||
$ 239,099,794 | ||||
Containers – 0.5% | ||||
Brambles Ltd. | 3,737,921 | $ 27,664,290 | ||
Electrical Equipment – 5.2% | ||||
Keyence Corp. | 78,700 | $ 40,991,149 | ||
Legrand S.A. | 309,235 | 21,675,436 | ||
Mettler-Toledo International, Inc. (a) | 120,534 | 72,933,918 | ||
Prysmian S.p.A. | 1,470,596 | 46,252,755 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electrical Equipment – continued | ||||
Schneider Electric S.A. | 1,056,561 | $ 85,189,694 | ||
$ 267,042,952 | ||||
Electronics – 3.6% | ||||
MediaTek, Inc. | 2,509,000 | $ 22,488,634 | ||
Mellanox Technologies Ltd. (a) | 337,550 | 15,847,973 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3,856,680 | 142,581,460 | ||
$ 180,918,067 | ||||
Energy - Independent – 1.1% | ||||
Caltex Australia Ltd. | 1,009,591 | $ 26,797,953 | ||
Oil Search Ltd. | 5,295,946 | 28,249,176 | ||
$ 55,047,129 | ||||
Energy - Integrated – 0.8% | ||||
Suncor Energy, Inc. | 1,313,293 | $ 41,152,476 | ||
Food & Beverages – 5.9% | ||||
Danone S.A. | 1,276,398 | $ 100,514,189 | ||
Nestle S.A. | 2,359,041 | 200,123,036 | ||
$ 300,637,225 | ||||
Food & Drug Stores – 1.2% | ||||
Sundrug Co. Ltd. | 1,427,400 | $ 59,142,284 | ||
Gaming & Lodging – 0.7% | ||||
Paddy Power Betfair PLC | 401,417 | $ 35,374,797 | ||
Insurance – 2.8% | ||||
AIA Group Ltd. | 18,699,000 | $ 143,484,644 | ||
Internet – 4.5% | ||||
Alibaba Group Holding Ltd., ADR (a) | 792,941 | $ 136,179,687 | ||
Baidu, Inc., ADR (a) | 318,789 | 72,699,831 | ||
NAVER Corp. | 31,253 | 20,925,874 | ||
$ 229,805,392 | ||||
Leisure & Toys – 0.3% | ||||
BANDAI NAMCO Holdings, Inc. | 427,100 | $ 14,316,310 | ||
Machinery & Tools – 1.4% | ||||
GEA Group AG | 931,854 | $ 41,045,071 | ||
Ritchie Bros. Auctioneers, Inc. | 1,079,469 | 32,087,999 | ||
$ 73,133,070 | ||||
Major Banks – 2.6% | ||||
HSBC Holdings PLC | 5,864,060 | $ 56,909,063 | ||
UBS AG | 4,578,250 | 75,432,869 | ||
$ 132,341,932 | ||||
Medical & Health Technology & Services – 1.4% | ||||
Fresenius Medical Care AG & Co. KGaA | 740,067 | $ 69,159,541 | ||
Medical Equipment – 3.9% | ||||
Essilor International S.A. | 454,082 | $ 57,326,624 | ||
QIAGEN N.V. (a) | 1,272,161 | 40,821,863 | ||
Sonova Holding AG | 196,492 | 33,214,822 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Medical Equipment – continued | ||||
Terumo Corp. | 1,708,700 | $ 66,056,988 | ||
$ 197,420,297 | ||||
Network & Telecom – 0.6% | ||||
LM Ericsson Telephone Co., “B” | 5,312,100 | $ 31,134,191 | ||
Other Banks & Diversified Financials – 7.1% | ||||
Aeon Credit Service Co. Ltd. | 1,597,500 | $ 33,872,493 | ||
Credicorp Ltd. | 248,099 | 50,324,401 | ||
DBS Group Holdings Ltd. | 3,363,900 | 51,154,997 | ||
Element Fleet Management Corp. | 2,565,315 | 19,228,307 | ||
Grupo Financiero Banorte S.A. de C.V. | 5,533,027 | 37,730,142 | ||
Grupo Financiero Inbursa S.A. de C.V. | 6,899,160 | 11,537,670 | ||
HDFC Bank Ltd. | 4,378,014 | 121,753,322 | ||
Julius Baer Group Ltd. | 669,978 | 37,448,064 | ||
$ 363,049,396 | ||||
Pharmaceuticals – 8.6% | ||||
Bayer AG | 812,354 | $ 103,959,742 | ||
Novartis AG | 1,420,499 | 119,837,707 | ||
Novo Nordisk A.S., “B” | 876,835 | 41,825,227 | ||
Roche Holding AG | 676,134 | 171,686,354 | ||
$ 437,309,030 | ||||
Railroad & Shipping – 2.7% | ||||
Adani Ports and Special Economic Zone Ltd. | 1,827,682 | $ 11,234,628 | ||
Canadian National Railway Co. | 1,535,210 | 124,336,658 | ||
$ 135,571,286 | ||||
Restaurants – 1.3% | ||||
Whitbread PLC | 964,784 | $ 46,883,411 | ||
Yum China Holdings, Inc. (a) | 549,962 | 19,446,656 | ||
$ 66,330,067 | ||||
Specialty Chemicals – 6.9% | ||||
Akzo Nobel N.V. | 1,025,667 | $ 93,773,259 | ||
Croda International PLC | 756,013 | 37,559,427 | ||
L'Air Liquide S.A. | 559,486 | 68,302,452 | ||
Linde AG | 363,024 | 69,599,717 | ||
Sika AG | 4,527 | 32,101,361 | ||
Symrise AG | 699,407 | 51,122,226 | ||
$ 352,458,442 | ||||
Telecommunications - Wireless – 0.9% | ||||
SoftBank Corp. | 586,700 | $ 47,614,840 | ||
Tobacco – 1.7% | ||||
ITC Ltd. | 7,321,903 | $ 32,327,989 | ||
Japan Tobacco, Inc. | 1,579,700 | 54,086,422 | ||
$ 86,414,411 | ||||
Trucking – 0.3% | ||||
Yamato Holdings Co. Ltd. | 742,500 | $ 15,831,355 | ||
Total Common Stocks | $5,036,192,213 |
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 1.2% | ||||
Money Market Funds – 1.2% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 61,270,527 | $ 61,270,527 | ||
Other Assets, Less Liabilities – 0.1% | 5,730,324 | |||
Net Assets – 100.0% | $5,103,193,064 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $61,270,527 and $5,036,192,213, respectively. | |||
(l) | A portion of this security is on loan. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $5,036,192,213 | $— | $— | $5,036,192,213 |
Mutual Funds | 61,270,527 | — | — | 61,270,527 |
Total | $5,097,462,740 | $— | $— | $5,097,462,740 |
Aggregate cost | $3,793,154,475 |
Gross unrealized appreciation | 1,396,596,401 |
Gross unrealized depreciation | (92,288,136) |
Net unrealized appreciation (depreciation) | $1,304,308,265 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Institutional Money Market Portfolio | 43,619,720 | 158,096,794 | (140,445,987) | 61,270,527 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Institutional Money Market Portfolio | $1,620 | $3,640 | $— | $131,077 | $61,270,527 |
France | 17.1% |
Switzerland | 13.1% |
United Kingdom | 12.9% |
Germany | 10.6% |
Japan | 8.7% |
United States | 5.4% |
China | 4.5% |
Canada | 4.3% |
India | 3.2% |
Other Countries | 20.2% |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 91.7% | ||||
Airlines – 0.3% | ||||
Ryanair Holdings PLC (a) | 606,587 | $ 68,968,942 | ||
Alcoholic Beverages – 3.8% | ||||
Heineken N.V. | 4,584,630 | $ 480,993,790 | ||
Pernod Ricard S.A. (l) | 4,326,237 | 591,239,721 | ||
$ 1,072,233,511 | ||||
Apparel Manufacturers – 0.8% | ||||
Compagnie Financiere Richemont S.A. | 2,364,475 | $ 211,433,058 | ||
Automotive – 0.3% | ||||
USS Co. Ltd. | 4,357,900 | $ 85,663,546 | ||
Brokerage & Asset Managers – 0.6% | ||||
Daiwa Securities Group, Inc. | 15,115,000 | $ 82,741,684 | ||
IG Group Holdings PLC | 11,590,598 | 96,671,374 | ||
$ 179,413,058 | ||||
Business Services – 11.8% | ||||
Amadeus IT Holding S.A. | 8,725,023 | $ 540,835,967 | ||
Brenntag AG | 3,507,489 | 185,872,056 | ||
Bunzl PLC | 14,821,106 | 442,715,704 | ||
Compass Group PLC | 32,743,629 | 699,470,153 | ||
Experian Group Ltd. | 5,955,085 | 119,666,148 | ||
Intertek Group PLC | 2,967,774 | 196,102,920 | ||
Nomura Research, Inc. | 10,871,018 | 423,231,519 | ||
Rentokil Initial PLC | 13,361,961 | 52,612,608 | ||
Secom Co. Ltd. | 4,015,600 | 298,133,690 | ||
SGS S.A. | 134,735 | 301,097,143 | ||
Sohgo Security Services Co. Ltd. | 1,476,400 | 64,529,968 | ||
$ 3,324,267,876 | ||||
Chemicals – 2.5% | ||||
Givaudan S.A. | 270,896 | $ 553,684,926 | ||
Orica Ltd. | 9,587,770 | 154,951,118 | ||
$ 708,636,044 | ||||
Computer Software – 5.0% | ||||
ANSYS, Inc. (a) | 2,148,669 | $ 276,791,541 | ||
Cadence Design Systems, Inc. (a) | 13,862,367 | 544,652,400 | ||
Check Point Software Technologies Ltd. (a) | 1,431,167 | 160,104,652 | ||
Dassault Systems S.A. | 2,128,265 | 209,654,946 | ||
OBIC Co. Ltd. | 3,548,400 | 222,390,285 | ||
$ 1,413,593,824 | ||||
Construction – 0.4% | ||||
Geberit AG | 229,244 | $ 104,731,004 | ||
Consumer Products – 9.6% | ||||
Colgate-Palmolive Co. | 8,952,653 | $ 641,368,061 | ||
Kao Corp. | 9,733,900 | 607,577,403 | ||
Kobayashi Pharmaceutical Co. Ltd. (h) | 4,512,200 | 280,332,251 | ||
KOSE Corp. | 501,200 | 62,914,995 | ||
L'Oréal | 660,471 | 139,442,883 | ||
Reckitt Benckiser Group PLC | 8,714,138 | 826,188,648 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Products – continued | ||||
ROHTO Pharmaceutical Co. Ltd. | 5,656,500 | $ 131,308,392 | ||
$ 2,689,132,633 | ||||
Containers – 1.8% | ||||
Brambles Ltd. | 69,352,484 | $ 513,276,557 | ||
Electrical Equipment – 5.0% | ||||
IMI PLC (h) | 19,439,564 | $ 285,308,503 | ||
Legrand S.A. | 4,652,267 | 326,094,775 | ||
OMRON Corp. | 4,378,700 | 219,861,045 | ||
Schneider Electric S.A. | 4,128,304 | 332,861,951 | ||
Spectris PLC | 5,188,925 | 155,264,826 | ||
Yokogawa Electric Corp. | 5,552,300 | 86,515,577 | ||
$ 1,405,906,677 | ||||
Electronics – 8.0% | ||||
Analog Devices, Inc. | 3,113,052 | $ 260,469,061 | ||
ASM International N.V. | 716,566 | 42,122,942 | ||
Halma PLC | 16,426,129 | 232,160,176 | ||
Hirose Electric Co. Ltd. | 1,885,335 | 261,016,043 | ||
Infineon Technologies AG | 15,252,553 | 351,709,072 | ||
NVIDIA Corp. | 718,330 | 121,713,835 | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 17,789,092 | 657,662,731 | ||
Texas Instruments, Inc. | 3,718,430 | 307,960,373 | ||
$ 2,234,814,233 | ||||
Energy - Independent – 0.5% | ||||
Cairn Energy PLC (a) | 19,199,035 | $ 42,577,079 | ||
INPEX Corp. | 11,165,400 | 106,743,397 | ||
$ 149,320,476 | ||||
Food & Beverages – 10.0% | ||||
Danone S.A. | 9,906,842 | $ 780,147,090 | ||
ITO EN Ltd. (h) | 5,661,300 | 208,562,014 | ||
Kerry Group PLC | 3,025,285 | 281,741,636 | ||
Nestle S.A. | 14,425,616 | 1,223,759,176 | ||
Nissan Foods Holdings Co. Ltd. | 1,120,800 | 69,122,881 | ||
Toyo Suisan Kaisha Ltd. (h) | 6,422,700 | 237,488,293 | ||
$ 2,800,821,090 | ||||
Insurance – 2.5% | ||||
Euler Hermes Group | 720,341 | $ 85,547,236 | ||
Fairfax Financial Holdings Ltd. | 743,807 | 386,618,817 | ||
Hiscox Ltd. | 8,374,448 | 138,394,674 | ||
Jardine Lloyd Thompson Group PLC | 6,843,361 | 102,207,736 | ||
$ 712,768,463 | ||||
Leisure & Toys – 0.2% | ||||
Yamaha Corp. | 1,790,900 | $ 62,392,750 | ||
Machinery & Tools – 4.1% | ||||
GEA Group AG | 6,530,132 | $ 287,630,603 | ||
Glory Ltd. | 1,944,700 | 66,158,894 | ||
Misumi Group, Inc. | 4,605,100 | 118,169,710 | ||
Neopost S.A. | 1,049,643 | 45,621,006 | ||
Nordson Corp. | 1,847,060 | 201,883,658 | ||
Schindler Holding AG | 510,351 | 109,313,411 | ||
Spirax Sarco Engineering PLC | 3,414,425 | 248,133,972 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Machinery & Tools – continued | ||||
Wartsila Corp. | 1,003,402 | $ 69,221,309 | ||
$ 1,146,132,563 | ||||
Major Banks – 3.0% | ||||
Sumitomo Mitsui Financial Group, Inc. | 5,395,900 | $ 201,925,980 | ||
Svenska Handelsbanken AB, “A” | 22,673,117 | 338,994,595 | ||
UBS AG | 17,426,192 | 287,120,114 | ||
$ 828,040,689 | ||||
Medical Equipment – 1.9% | ||||
Dentsply Sirona, Inc. | 2,825,802 | $ 159,855,619 | ||
Nihon Kohden Corp. (h) | 8,370,900 | 194,167,417 | ||
Terumo Corp. | 4,881,300 | 188,707,191 | ||
$ 542,730,227 | ||||
Oil Services – 0.4% | ||||
Core Laboratories N.V. | 1,087,454 | $ 95,891,694 | ||
Other Banks & Diversified Financials – 3.7% | ||||
Bank of Ireland Group PLC (a) | 8,684,631 | $ 72,370,374 | ||
Chiba Bank Ltd. | 11,403,000 | 76,341,547 | ||
DnB NOR A.S.A. | 9,473,167 | 184,995,366 | ||
Hachijuni Bank Ltd. | 11,186,700 | 68,177,459 | ||
ING Groep N.V. | 15,046,969 | 266,898,850 | ||
Julius Baer Group Ltd. | 1,636,275 | 91,458,721 | ||
Jyske Bank A.S. | 1,420,192 | 85,452,260 | ||
Mebuki Financial Group, Inc. | 18,838,670 | 66,831,139 | ||
North Pacific Bank Ltd. | 16,768,700 | 50,488,377 | ||
Sydbank A.S. | 1,883,144 | 73,458,697 | ||
$ 1,036,472,790 | ||||
Pharmaceuticals – 3.0% | ||||
Bayer AG | 2,154,099 | $ 275,667,477 | ||
Roche Holding AG | 1,048,008 | 266,113,925 | ||
Santen Pharmaceutical Co. Ltd. | 19,575,300 | 303,774,610 | ||
$ 845,556,012 | ||||
Printing & Publishing – 0.6% | ||||
RELX N.V. | 8,057,407 | $ 169,153,962 | ||
Real Estate – 4.4% | ||||
Deutsche Wohnen SE | 11,587,568 | $ 492,185,199 | ||
LEG Immobilien AG | 1,704,157 | 172,237,892 | ||
TAG Immobilien AG | 6,518,990 | 108,802,716 | ||
Vonovia SE | 10,983,640 | 464,244,978 | ||
$ 1,237,470,785 | ||||
Specialty Chemicals – 1.4% | ||||
Sika AG | 8,250 | $ 58,501,486 | ||
Symrise AG | 4,590,127 | 335,509,236 | ||
$ 394,010,722 | ||||
Specialty Stores – 0.2% | ||||
Esprit Holdings Ltd. (a) | 92,467,621 | $ 53,525,646 | ||
Telecommunications - Wireless – 1.6% | ||||
KDDI Corp. | 16,824,100 | $ 454,060,169 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Tobacco – 3.1% | ||||
British American Tobacco PLC | 7,324,937 | $ 457,586,565 | ||
Japan Tobacco, Inc. | 12,381,100 | 423,909,223 | ||
$ 881,495,788 | ||||
Trucking – 1.2% | ||||
Yamato Holdings Co. Ltd. | 15,441,000 | $ 329,228,217 | ||
Total Common Stocks | $25,751,143,006 | |||
Preferred Stocks – 2.3% | ||||
Consumer Products – 2.3% | ||||
Henkel AG & Co. KGaA | 4,799,797 | $ 643,101,877 | ||
Investment Companies (h) – 5.7% | ||||
Money Market Funds – 5.7% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 1,604,098,912 | $ 1,604,098,912 | ||
Other Assets, Less Liabilities – 0.3% | 74,978,484 | |||
Net Assets – 100.0% | $28,073,322,279 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,809,957,390 and $25,188,386,405, respectively. | |||
(l) | A portion of this security is on loan. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
EUR | Euro |
JPY | Japanese Yen |
Derivative Contracts at 8/31/17 | ||||||
Forward Foreign Currency Exchange Contracts at 8/31/17 | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized
Appreciation/ (Depreciation) | ||
Asset Derivatives | ||||||
EUR | 117,383,500 | USD | 140,098,381 | Deutsche Bank AG | 2/23/2018 | $975,668 |
EUR | 117,383,500 | USD | 139,745,057 | Morgan Stanley Capital Services, Inc. | 2/23/2018 | 1,328,992 |
USD | 489,602,812 | JPY | 52,776,245,500 | Deutsche Bank AG | 2/23/2018 | 5,255,180 |
USD | 489,507,448 | JPY | 52,776,245,500 | Morgan Stanley Capital Services, Inc. | 2/23/2018 | 5,159,816 |
$12,719,656 |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $26,394,244,883 | $— | $— | $26,394,244,883 |
Mutual Funds | 1,604,098,912 | — | — | 1,604,098,912 |
Total | $27,998,343,795 | $— | $— | $27,998,343,795 |
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Forward
Foreign Currency Exchange Contracts - Assets |
$— | $12,719,656 | $— | $12,719,656 |
Aggregate cost | $20,576,223,151 |
Gross unrealized appreciation | 7,784,481,763 |
Gross unrealized depreciation | (362,361,119) |
Net unrealized appreciation (depreciation) | $7,422,120,644 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
IMI PLC | 19,439,564 | - | - | 19,439,564 |
ITO EN Ltd. | 5,661,300 | - | - | 5,661,300 |
Kobayashi Pharmaceutical Co. Ltd. | 4,512,200 | - | - | 4,512,200 |
MFS Institutional Money Market Portfolio | 1,155,695,971 | 795,647,346 | (347,244,405) | 1,604,098,912 |
Nihon Kohden Corp. | 8,370,900 | - | - | 8,370,900 |
Toyo Suisan Kaisha Ltd. | 5,704,200 | 718,500 | - | 6,422,700 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
IMI PLC | $- | $(28,779,844) | $- | $3,585,508 | $285,308,503 | ||||
ITO EN Ltd. | - | (25,557,661) | - | 5,197 | 208,562,014 | ||||
Kobayashi Pharmaceutical Co. Ltd. | - | 14,285,605 | - | 1,125,788 | 280,332,251 | ||||
MFS Institutional Money Market Portfolio | (7,877) | 23,004 | - | 3,642,130 | 1,604,098,912 | ||||
Nihon Kohden Corp. | - | 7,399,978 | - | - | 194,167,417 | ||||
Toyo Suisan Kaisha Ltd. | - | (12,238,257) | - | - | 237,488,293 | ||||
$(7,877) | $(44,867,175) | $- | $8,358,623 | $2,809,957,390 |
Japan | 21.5% |
United States | 15.3% |
United Kingdom | 14.6% |
Germany | 11.8% |
Switzerland | 11.4% |
France | 8.9% |
Netherlands | 3.4% |
Australia | 2.4% |
Taiwan | 2.3% |
Other Countries | 8.4% |
QUARTERLY REPORT
MFS® MANAGED
WEALTH FUND
PORTFOLIO OF INVESTMENTS
8/31/17 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer | Shares/Par | Value ($) | ||||||||||||||||||
Investment Companies (h) - 97.7% | ||||||||||||||||||||
International Stock Funds - 30.2% | ||||||||||||||||||||
MFS Institutional International Equity Fund | 292,029 | $ | 7,145,950 | |||||||||||||||||
U.S. Stock Funds - 60.5% | ||||||||||||||||||||
MFS Value Fund - Class R6 | 182,582 | $ | 7,122,542 | |||||||||||||||||
MFS Growth Fund - Class R6 | 78,535 | 7,197,718 | ||||||||||||||||||
Total U.S. Stock Funds | $ | 14,320,260 | ||||||||||||||||||
Money Market Funds - 7.0% | ||||||||||||||||||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 1,650,333 | $ | 1,650,333 | |||||||||||||||||
Total Investment Companies | $ | 23,116,543 | ||||||||||||||||||
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount |
Number of |
||||||||||||||||
Purchased Options - 0.1% | ||||||||||||||||||||
Index Options - 0.1% | ||||||||||||||||||||
Russell 2000 Index - September 2017 @ $1,330 | Put | Exchange traded | $ | 843,166 | 6 | $ | 846 | |||||||||||||
Russell 2000 Index - December 2017 @ $1,200 | Put | Exchange traded | 1,545,805 | 11 | 7,810 | |||||||||||||||
S&P 500 Index - September 2017 @ $2,350 | Put | Exchange traded | 988,660 | 4 | 560 | |||||||||||||||
S&P 500 Index - December 2017 @ $1,950 | Put | Exchange traded | 2,224,485 | 9 | 3,735 | |||||||||||||||
S&P 500 Index - January 2018 @ $2,200 | Put | Exchange traded | 741,495 | 3 | 6,300 | |||||||||||||||
Total Purchased Options | $ | 19,251 | ||||||||||||||||||
Other Assets, Less Liabilities - 2.2% | 525,838 | |||||||||||||||||||
Net Assets - 100.0% | $ | 23,661,632 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $23,116,543 and $19,251, respectively. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Derivative Contracts at 8/31/17
Futures Contracts at 8/31/17
Description | Long/Short | Currency | Contracts | Notional Amount |
Expiration Date | Value/ Unrealized |
||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||
Equity Futures | ||||||||||||||||||||||
Russell 1000 Mini Value Index | Short | USD | 97 | $5,509,115 | September - 2017 | $8,343 | ||||||||||||||||
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|
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Liability Derivatives | ||||||||||||||||||||||
Equity Futures | ||||||||||||||||||||||
Mini MSCI EAFE Index | |
Short |
|
USD | 58 | $5,610,920 | September - 2017 | $(125,073 | ) | |||||||||||||
Russell 1000 Mini Growth Index | Short | USD | 90 | 5,594,400 | September - 2017 | (228,195 | ) | |||||||||||||||
|
|
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$(353,268 | ) | |||||||||||||||||||||
|
|
At August 31, 2017, the fund had cash collateral of $638,300 to cover any collateral or margin obligations for derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
1
Supplemental Information
8/31/17 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Open-end investment companies (underlying funds) are generally valued at their net asset value per share. The investments of underlying funds managed by the adviser are valued as described below. For purposes of this policy disclosure, “fund” also refers to the underlying funds in which the fund-of-funds invests.
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other
2
Supplemental Information (unaudited) – continued
financial instruments are derivative instruments not reflected in total investments, such as futures contracts. The following is a summary of the levels used as of August 31, 2017 in valuing the fund’s assets or liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Securities: | ||||||||||||||||
United States |
$11,441 | $7,810 | $— | $19,251 | ||||||||||||
Mutual Funds | 23,116,543 | — | — | 23,116,543 | ||||||||||||
Total | $23,127,984 | $7,810 | $— | $23,135,794 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Futures Contracts - Assets | $8,343 | $— | $— | $8,343 | ||||||||||||
Futures Contracts - Liabilities | (353,268 | ) | — | — | (353,268 | ) |
For further information regarding security characteristics, see the Portfolio of Investments. Please refer to the underlying funds’ shareholder reports for further information regarding the levels used in valuing the underlying funds’ assets or liabilities.
(2) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
Aggregate cost | $19,863,624 | |||
Gross unrealized appreciation | 3,320,398 | |||
Gross unrealized depreciation | (48,228 | ) | ||
Net unrealized appreciation (depreciation) | $3,272,170 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
(3) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be affiliated issuers:
Affiliated Issuers | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
MFS Growth Fund | 82,405 | 2,337 | (6,207 | ) | 78,535 | |||||||||||||||
MFS Institutional International Equity Fund | 298,430 | 10,790 | (17,191 | ) | 292,029 | |||||||||||||||
MFS Institutional Money Market Portfolio | 1,756,339 | 3,172,641 | (3,278,647 | ) | 1,650,333 | |||||||||||||||
MFS Value Fund | 186,867 | 7,505 | (11,790 | ) | 182,582 | |||||||||||||||
Affiliated Issuers | Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
MFS Growth Fund | $110,597 | $170,947 | $— | $— | $7,197,718 | |||||||||||||||
MFS Institutional International Equity Fund | 57,178 | 116,263 | — | — | 7,145,950 | |||||||||||||||
MFS Institutional Money Market Portfolio | (7 | ) | 10 | — | 4,629 | 1,650,333 | ||||||||||||||
MFS Value Fund | 54,886 | 79,976 | — | 30,437 | 7,122,542 | |||||||||||||||
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|
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|
|
|
|
|
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$222,654 | $367,196 | $— | $35,066 | $23,116,543 | ||||||||||||||||
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3
Issuer | Shares/Par | Value ($) | ||
Investment Companies (h) – 100.0% | ||||
Bond Funds – 39.9% | ||||
MFS Emerging Markets Debt Fund - Class R6 | 11,535,911 | $ 174,999,769 | ||
MFS Emerging Markets Debt Local Currency Fund - Class R6 | 15,986,617 | 116,702,300 | ||
MFS Global Bond Fund - Class R6 | 32,297,711 | 290,356,425 | ||
MFS Government Securities Fund - Class R6 | 58,673,730 | 580,869,930 | ||
MFS High Income Fund - Class R6 | 84,113,127 | 291,031,419 | ||
MFS Inflation-Adjusted Bond Fund - Class R6 | 39,027,153 | 407,053,207 | ||
MFS Total Return Bond Fund - Class R6 | 43,010,803 | 464,946,783 | ||
$ 2,325,959,833 | ||||
International Stock Funds – 13.0% | ||||
MFS International Growth Fund - Class R6 | 5,439,877 | $ 174,728,858 | ||
MFS International New Discovery Fund - Class R6 | 1,729,541 | 58,268,243 | ||
MFS International Value Fund - Class R6 | 4,207,614 | 174,658,039 | ||
MFS Research International Fund - Class R6 | 19,249,571 | 348,417,231 | ||
$ 756,072,371 | ||||
Specialty Funds – 6.0% | ||||
MFS Absolute Return Fund - Class R6 | 5,965,525 | $ 57,805,934 | ||
MFS Commodity Strategy Fund - Class R6 (v) | 30,006,526 | 174,637,981 | ||
MFS Global Real Estate Fund - Class R6 | 7,396,102 | 116,858,419 | ||
$ 349,302,334 | ||||
U.S. Stock Funds – 41.0% | ||||
MFS Growth Fund - Class R6 | 5,114,582 | $ 468,751,482 | ||
MFS Mid Cap Growth Fund - Class R6 | 23,785,185 | 410,294,435 | ||
MFS Mid Cap Value Fund - Class R6 | 17,693,567 | 403,413,325 | ||
MFS New Discovery Fund - Class R6 | 2,934,946 | 88,077,717 | ||
MFS New Discovery Value Fund - Class R6 | 5,944,598 | 86,850,577 | ||
MFS Research Fund - Class R6 | 10,954,015 | 466,860,135 | ||
MFS Value Fund - Class R6 | 11,844,931 | 462,070,777 | ||
$ 2,386,318,448 | ||||
Money Market Funds – 0.1% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 5,223,127 | $ 5,223,127 | ||
Total Investment Companies | $5,822,876,113 | |||
Other Assets, Less Liabilities – (0.0)% | (2,604,503) | |||
Net Assets – 100.0% | $5,820,271,610 |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $5,822,876,113 and $0, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Mutual Funds | $5,822,876,113 | $— | $— | $5,822,876,113 |
Aggregate cost | $4,413,450,260 |
Gross unrealized appreciation | 1,496,287,499 |
Gross unrealized depreciation | (86,861,646) |
Net unrealized appreciation (depreciation) | $1,409,425,853 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Absolute Return Fund | 6,117,056 | 21,361 | (172,892) | 5,965,525 |
MFS Commodity Strategy Fund | 29,520,904 | 491,452 | (5,830) | 30,006,526 |
MFS Emerging Markets Debt Fund | 11,792,005 | 138,414 | (394,508) | 11,535,911 |
MFS Emerging Markets Debt Local Currency Fund | 16,739,266 | 180,145 | (932,794) | 15,986,617 |
MFS Global Bond Fund | 33,648,324 | 143,974 | (1,494,587) | 32,297,711 |
MFS Global Real Estate Fund | 7,579,515 | 7,531 | (190,944) | 7,396,102 |
MFS Government Securities Fund | 59,206,467 | 471,631 | (1,004,368) | 58,673,730 |
MFS Growth Fund | 5,421,964 | 1,905 | (309,287) | 5,114,582 |
MFS High Income Fund | 85,028,323 | 1,074,974 | (1,990,170) | 84,113,127 |
MFS Inflation-Adjusted Bond Fund | 39,061,305 | 331,830 | (365,982) | 39,027,153 |
MFS Institutional Money Market Portfolio | 1,054 | 40,707,910 | (35,485,837) | 5,223,127 |
MFS International Growth Fund | 5,759,174 | 866 | (320,163) | 5,439,877 |
MFS International New Discovery Fund | 1,817,551 | 35 | (88,045) | 1,729,541 |
MFS International Value Fund | 4,368,877 | 1,291 | (162,554) | 4,207,614 |
MFS Mid Cap Growth Fund | 25,094,907 | 10,818 | (1,320,540) | 23,785,185 |
MFS Mid Cap Value Fund | 18,142,807 | 36,545 | (485,785) | 17,693,567 |
MFS New Discovery Fund | 3,061,031 | 5,430 | (131,515) | 2,934,946 |
MFS New Discovery Value Fund | 5,853,428 | 163,168 | (71,998) | 5,944,598 |
MFS Research Fund | 11,473,003 | 3,633 | (522,621) | 10,954,015 |
MFS Research International Fund | 20,244,725 | 6,309 | (1,001,463) | 19,249,571 |
MFS Total Return Bond Fund | 43,728,904 | 310,357 | (1,028,458) | 43,010,803 |
MFS Value Fund | 12,333,618 | 60,454 | (549,141) | 11,844,931 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Absolute Return Fund | $(71,993) | $741,966 | $— | $172,649 | $57,805,934 |
MFS Commodity Strategy Fund | (24,368) | 3,359,920 | — | — | 174,637,981 |
MFS Emerging Markets Debt Fund | (94,126) | 2,179,818 | — | 2,059,608 | 174,999,769 |
MFS Emerging Markets Debt Local Currency Fund | (860,532) | 4,793,355 | — | 1,289,198 | 116,702,300 |
MFS Global Bond Fund | (2,319,113) | 9,263,719 | — | 1,255,089 | 290,356,425 |
MFS Global Real Estate Fund | 117,300 | 3,953,407 | — | — | 116,858,419 |
Affiliated Issuer − continued | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value | ||||
MFS Government Securities Fund | $(645,014) | $1,818,420 | $— | $3,989,586 | $580,869,930 | ||||
MFS Growth Fund | 11,318,259 | 7,132,726 | — | — | 468,751,482 | ||||
MFS High Income Fund | (328,206) | (521,722) | — | 3,682,237 | 291,031,419 | ||||
MFS Inflation-Adjusted Bond Fund | (320,534) | 331,455 | — | 1,762,429 | 407,053,207 | ||||
MFS Institutional Money Market Portfolio | (133) | — | — | 6,924 | 5,223,127 | ||||
MFS International Growth Fund | 1,793,687 | 3,654,038 | — | — | 174,728,858 | ||||
MFS International New Discovery Fund | 486,675 | 1,112,957 | — | — | 58,268,243 | ||||
MFS International Value Fund | 1,422,572 | 527,690 | — | — | 174,658,039 | ||||
MFS Mid Cap Growth Fund | 5,122,398 | 9,285,865 | — | — | 410,294,435 | ||||
MFS Mid Cap Value Fund | 2,045,061 | 2,646,872 | — | — | 403,413,325 | ||||
MFS New Discovery Fund | 470,421 | 2,716,353 | — | — | 88,077,717 | ||||
MFS New Discovery Value Fund | 195,660 | (812,320) | 1,121,254 | 893,264 | 86,850,577 | ||||
MFS Research Fund | 3,510,893 | 11,220,608 | — | — | 466,860,135 | ||||
MFS Research International Fund | 1,606,718 | 7,154,215 | — | — | 348,417,231 | ||||
MFS Total Return Bond Fund | (323,340) | 3,348,210 | — | 3,112,659 | 464,946,783 | ||||
MFS Value Fund | 3,738,449 | 5,087,600 | — | 1,998,031 | 462,070,777 | ||||
$26,840,734 | $78,995,152 | $1,121,254 | $20,221,674 | $5,822,876,113 |
QUARTERLY REPORT
MFS® BLENDED RESEARCH® MID CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS
8/31/17 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer | Shares/Par | Value ($) | ||||||
Common Stocks - 97.9% | ||||||||
Aerospace - 1.9% | ||||||||
Orbital ATK, Inc. | 4,513 | $ | 503,561 | |||||
Spirit AeroSystems Holdings, Inc., “A” | 10,092 | 751,854 | ||||||
Textron, Inc. | 52,929 | 2,598,285 | ||||||
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|||||||
$ | 3,853,700 | |||||||
Airlines - 1.9% | ||||||||
Alaska Air Group, Inc. | 2,208 | $ | 164,849 | |||||
Copa Holdings S.A., “A” | 18,198 | 2,257,826 | ||||||
United Continental Holdings, Inc. (a) | 21,154 | 1,310,702 | ||||||
|
|
|||||||
$ | 3,733,377 | |||||||
Alcoholic Beverages - 1.3% | ||||||||
Constellation Brands, Inc., “A” | 6,361 | $ | 1,272,836 | |||||
Molson Coors Brewing Co. | 14,209 | 1,275,258 | ||||||
|
|
|||||||
$ | 2,548,094 | |||||||
Automotive - 0.7% | ||||||||
Goodyear Tire & Rubber Co. | 45,871 | $ | 1,389,891 | |||||
Biotechnology - 0.1% | ||||||||
Illumina, Inc. (a) | 1,129 | $ | 230,835 | |||||
Brokerage & Asset Managers - 1.0% | ||||||||
Lazard Ltd. | 25,236 | $ | 1,082,372 | |||||
Navient Corp. | 72,993 | 963,508 | ||||||
|
|
|||||||
$ | 2,045,880 | |||||||
Business Services - 6.7% | ||||||||
DXC Technology Co. | 39,661 | $ | 3,371,185 | |||||
Fidelity National Information Services, Inc. | 32,142 | 2,986,635 | ||||||
FleetCor Technologies, Inc. (a) | 14,154 | 2,034,921 | ||||||
Global Payments, Inc. | 8,704 | 831,145 | ||||||
Grand Canyon Education, Inc. (a) | 31,883 | 2,616,000 | ||||||
Total System Services, Inc. | 22,152 | 1,531,146 | ||||||
|
|
|||||||
$ | 13,371,032 | |||||||
Chemicals - 0.9% | ||||||||
Celanese Corp. | 7,852 | $ | 761,801 | |||||
FMC Corp. | 10,751 | 926,951 | ||||||
|
|
|||||||
$ | 1,688,752 | |||||||
Computer Software - 1.7% | ||||||||
Cadence Design Systems, Inc. (a) | 7,008 | $ | 275,344 | |||||
Intuit, Inc. | 22,074 | 3,122,367 | ||||||
|
|
|||||||
$ | 3,397,711 | |||||||
Computer Software - Systems - 3.0% | ||||||||
NCR Corp. | 57,480 | $ | 2,099,744 | |||||
NetApp, Inc. | 35,531 | 1,373,628 | ||||||
Tech Data Corp. (a) | 4,358 | 480,644 | ||||||
Western Digital Corp. | 23,728 | 2,094,471 | ||||||
|
|
|||||||
$ | 6,048,487 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Common Stocks - continued | ||||||||
Conglomerates - 0.5% | ||||||||
Leucadia National Corp. | 41,164 | $ | 974,764 | |||||
Construction - 2.9% | ||||||||
Owens Corning | 45,595 | $ | 3,379,957 | |||||
Pulte Homes, Inc. | 84,425 | 2,179,854 | ||||||
Sherwin-Williams Co. | 401 | 136,047 | ||||||
|
|
|||||||
$ | 5,695,858 | |||||||
Consumer Products - 0.2% | ||||||||
Nu Skin Enterprises, Inc., “A” | 7,261 | $ | 441,687 | |||||
Containers - 1.8% | ||||||||
Berry Global Group, Inc. (a) | 15,687 | $ | 882,237 | |||||
Graphic Packaging Holding Co. | 152,851 | 1,994,706 | ||||||
Owens-Illinois, Inc. (a) | 29,387 | 724,096 | ||||||
|
|
|||||||
$ | 3,601,039 | |||||||
Electrical Equipment - 1.0% | ||||||||
MSC Industrial Direct Co., Inc., “A” | 27,469 | $ | 1,892,065 | |||||
Electronics - 1.4% | ||||||||
Analog Devices, Inc. | 1,612 | $ | 134,876 | |||||
Maxim Integrated Products, Inc. | 18,282 | 853,038 | ||||||
NVIDIA Corp. | 9,028 | 1,529,704 | ||||||
Silicon Laboratories, Inc. (a) | 2,653 | 201,363 | ||||||
|
|
|||||||
$ | 2,718,981 | |||||||
Energy - Independent - 3.2% | ||||||||
Concho Resources, Inc. (a) | 10,714 | $ | 1,188,933 | |||||
Energen Corp. (a) | 38,882 | 1,993,869 | ||||||
EQT Corp. | 38,316 | 2,388,619 | ||||||
Noble Energy, Inc. | 31,437 | 747,257 | ||||||
|
|
|||||||
$ | 6,318,678 | |||||||
Food & Beverages - 3.9% | ||||||||
Bunge Ltd. | 23,923 | $ | 1,785,373 | |||||
J.M. Smucker Co. | 13,778 | 1,443,383 | ||||||
Pilgrim’s Pride Corp. (a) | 44,618 | 1,314,000 | ||||||
Tyson Foods, Inc., “A” | 49,024 | 3,103,219 | ||||||
|
|
|||||||
$ | 7,645,975 | |||||||
Gaming & Lodging - 4.0% | ||||||||
Marriott International, Inc., “A” | 11,412 | $ | 1,182,055 | |||||
Norwegian Cruise Line Holdings Ltd. (a) | 43,317 | 2,575,629 | ||||||
Royal Caribbean Cruises Ltd. | 22,264 | 2,770,977 | ||||||
Vail Resorts, Inc. | 5,881 | 1,340,574 | ||||||
|
|
|||||||
$ | 7,869,235 | |||||||
General Merchandise - 1.2% | ||||||||
Five Below, Inc. (a) | 50,708 | $ | 2,412,180 | |||||
Health Maintenance Organizations - 1.4% | ||||||||
Centene Corp. (a) | 16,737 | $ | 1,487,082 | |||||
WellCare Health Plans, Inc. (a) | 7,763 | 1,356,041 | ||||||
|
|
|||||||
$ | 2,843,123 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Common Stocks - continued | ||||||||
Insurance - 7.3% | ||||||||
Ameriprise Financial, Inc. | 13,892 | $ | 1,924,181 | |||||
First American Financial Corp. | 27,566 | 1,352,388 | ||||||
Hartford Financial Services Group, Inc. | 59,115 | 3,196,348 | ||||||
Lincoln National Corp. | 18,332 | 1,244,010 | ||||||
Loews Corp. | 60,169 | 2,802,672 | ||||||
Principal Financial Group, Inc. | 12,752 | 797,255 | ||||||
Unum Group | 13,245 | 638,144 | ||||||
XL Group Ltd. | 61,788 | 2,530,836 | ||||||
|
|
|||||||
$ | 14,485,834 | |||||||
Internet - 0.1% | ||||||||
LogMeIn, Inc. | 1,671 | $ | 191,162 | |||||
Leisure & Toys - 3.2% | ||||||||
Electronic Arts, Inc. (a) | 26,883 | $ | 3,266,285 | |||||
Take-Two Interactive Software, Inc. (a) | 32,375 | 3,165,951 | ||||||
|
|
|||||||
$ | 6,432,236 | |||||||
Machinery & Tools - 4.3% | ||||||||
Allison Transmission Holdings, Inc. | 51,959 | $ | 1,804,536 | |||||
Cummins, Inc. | 9,008 | 1,435,695 | ||||||
Ingersoll-Rand Co. Ltd., “A” | 4,358 | 372,130 | ||||||
Regal Beloit Corp. | 38,024 | 2,867,010 | ||||||
Trinity Industries, Inc. | 24,244 | 699,197 | ||||||
United Rentals, Inc. (a) | 11,348 | 1,339,745 | ||||||
|
|
|||||||
$ | 8,518,313 | |||||||
Medical & Health Technology & Services - 1.6% | ||||||||
AmerisourceBergen Corp. | 4,549 | $ | 365,057 | |||||
LifePoint Health, Inc. (a) | 42,751 | 2,477,420 | ||||||
Universal Health Services, Inc. | 3,483 | 376,617 | ||||||
|
|
|||||||
$ | 3,219,094 | |||||||
Medical Equipment - 6.2% | ||||||||
Edwards Lifesciences Corp. | 26,905 | $ | 3,058,022 | |||||
Hologic, Inc. (a) | 58,889 | 2,273,115 | ||||||
PerkinElmer, Inc. | 40,039 | 2,682,213 | ||||||
Steris PLC | 26,907 | 2,345,214 | ||||||
Zimmer Biomet Holdings, Inc. | 17,423 | 1,990,926 | ||||||
|
|
|||||||
$ | 12,349,490 | |||||||
Natural Gas - Distribution - 1.5% | ||||||||
Atmos Energy Corp. | 17,489 | $ | 1,539,729 | |||||
Sempra Energy | 11,293 | 1,331,783 | ||||||
|
|
|||||||
$ | 2,871,512 | |||||||
Network & Telecom - 1.3% | ||||||||
Juniper Networks, Inc. | 48,170 | $ | 1,335,754 | |||||
Motorola Solutions, Inc. | 13,798 | 1,215,880 | ||||||
|
|
|||||||
$ | 2,551,634 | |||||||
Oil Services - 1.2% | ||||||||
NOW, Inc. (a) | 138,730 | $ | 1,617,592 | |||||
Patterson-UTI Energy, Inc. | 49,898 | 796,871 | ||||||
|
|
|||||||
$ | 2,414,463 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Common Stocks - continued | ||||||||
Other Banks & Diversified Financials - 4.2% | ||||||||
Discover Financial Services | 19,270 | $ | 1,135,967 | |||||
East West Bancorp, Inc. | 55,699 | 3,084,054 | ||||||
Synchrony Financial | 58,422 | 1,798,813 | ||||||
Wintrust Financial Corp. | 32,921 | 2,396,978 | ||||||
|
|
|||||||
$ | 8,415,812 | |||||||
Pharmaceuticals - 0.4% | ||||||||
United Therapeutics Corp. (a) | 6,715 | $ | 878,322 | |||||
Real Estate - 10.9% | ||||||||
Annaly Capital Management, Inc., REIT | 149,796 | $ | 1,872,450 | |||||
AvalonBay Communities, Inc., REIT | 13,695 | 2,570,962 | ||||||
Equity Lifestyle Properties, Inc., REIT | 30,773 | 2,743,413 | ||||||
Medical Properties Trust, Inc., REIT | 199,360 | 2,623,578 | ||||||
Mid-America Apartment Communities, Inc., REIT | 27,543 | 2,932,228 | ||||||
OUTFRONT Media, Inc., REIT | 83,961 | 1,847,142 | ||||||
Realogy Holdings Corp. | 73,996 | 2,508,464 | ||||||
STAG Industrial, Inc., REIT | 87,782 | 2,457,018 | ||||||
Washington Prime Group, Inc., REIT | 254,077 | 2,121,543 | ||||||
|
|
|||||||
$ | 21,676,798 | |||||||
Restaurants - 2.3% | ||||||||
Aramark | 52,202 | $ | 2,124,099 | |||||
Dave & Buster’s, Inc. (a) | 8,570 | 501,002 | ||||||
Domino’s Pizza, Inc. | 10,633 | 1,937,971 | ||||||
|
|
|||||||
$ | 4,563,072 | |||||||
Specialty Chemicals - 1.8% | ||||||||
Trinseo S.A. | 15,415 | $ | 1,031,264 | |||||
Univar, Inc. (a) | 88,743 | 2,503,440 | ||||||
|
|
|||||||
$ | 3,534,704 | |||||||
Specialty Stores - 3.3% | ||||||||
Best Buy Co., Inc. | 49,864 | $ | 2,705,621 | |||||
Michaels Co., Inc. (a) | 8,328 | 186,964 | ||||||
Office Depot, Inc. | 168,218 | 721,655 | ||||||
Ross Stores, Inc. | 44,691 | 2,612,189 | ||||||
Urban Outfitters, Inc. (a) | 14,091 | 288,020 | ||||||
|
|
|||||||
$ | 6,514,449 | |||||||
Telecommunications - Wireless - 0.3% | ||||||||
SBA Communications Corp., REIT (a) | 3,501 | $ | 537,579 | |||||
Telephone Services - 0.7% | ||||||||
CenturyLink, Inc. (l) | 75,080 | $ | 1,480,578 | |||||
Utilities - Electric Power - 6.6% | ||||||||
AES Corp. | 61,736 | $ | 681,565 | |||||
Avangrid, Inc. | 21,505 | 1,049,874 | ||||||
DTE Energy Co. | 6,783 | 761,867 | ||||||
NRG Energy, Inc. | 73,124 | 1,821,519 | ||||||
PPL Corp. | 76,128 | 2,987,263 | ||||||
Public Service Enterprise Group, Inc. | 55,989 | 2,622,525 | ||||||
Xcel Energy, Inc. | 65,160 | 3,225,420 | ||||||
|
|
|||||||
$ | 13,150,033 | |||||||
Total Common Stocks | $ | 194,506,429 |
4
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||||||
Investment Companies (h) - 1.9% | ||||||||
Money Market Funds - 1.9% | ||||||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 3,674,001 | $ | 3,674,001 | |||||
Collateral for Securities Loaned - 0.7% | ||||||||
JPMorgan U.S. Government Money Market Fund, 0.93% (j) | 1,417,500 | $ | 1,417,500 | |||||
Other Assets, Less Liabilities - (0.5)% | (921,508 | ) | ||||||
Net Assets - 100.0% | $ | 198,676,422 |
(a) | Non-income producing security. |
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund’s investments in affiliated issuers and in unaffiliated issuers were $3,674,001 and $195,923,929, respectively. |
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
(l) | A portion of this security is on loan. |
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined:
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
5
Supplemental Information
8/31/17 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
(1) Investment Valuations
Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.
The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2017 in valuing the fund’s assets or liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity Securities | $194,506,429 | $— | $— | $194,506,429 | ||||||||||||
Mutual Funds | 5,091,501 | — | — | 5,091,501 | ||||||||||||
Total | $199,597,930 | $— | $— | $199,597,930 |
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Portfolio Securities
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:
Aggregate cost | $183,816,701 | |||
Gross unrealized appreciation | 22,952,972 | |||
Gross unrealized depreciation | (7,171,743 | ) | ||
Net unrealized appreciation (depreciation) | $15,781,229 |
6
Supplemental Information (unaudited) – continued
(3) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:
Affiliated Issuer | Beginning Shares/Par Amount |
Acquisitions Shares/Par Amount |
Dispositions Shares/Par Amount |
Ending Shares/Par Amount |
||||||||||||||||
MFS Institutional Money Market Portfolio | 1,980,607 | 9,916,701 | (8,223,307 | ) | 3,674,001 | |||||||||||||||
Affiliated Issuer | Realized Gain (Loss) |
Change in (Depreciation) |
Capital Gain Distributions |
Dividend Income |
Ending Value |
|||||||||||||||
MFS Institutional Money Market Portfolio | $— | $118 | $— | $7,749 | $3,674,001 |
7
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.0% | ||||
Airlines – 0.0% | ||||
SkyWest, Inc. | 683 | $ 23,700 | ||
Biotechnology – 4.1% | ||||
Acorda Therapeutics, Inc. (a) | 14,482 | $ 301,225 | ||
AMAG Pharmaceuticals, Inc. (a) | 24,011 | 400,984 | ||
Bruker BioSciences Corp. | 9,875 | 287,264 | ||
Exact Sciences Corp. (a) | 17,434 | 730,310 | ||
MiMedx Group, Inc. (a)(l) | 27,500 | 447,425 | ||
Natera, Inc. (a) | 5,739 | 70,877 | ||
Vanda Pharmaceuticals, Inc. (a) | 3,815 | 65,618 | ||
$ 2,303,703 | ||||
Broadcasting – 0.3% | ||||
MDC Partners, Inc. (a) | 14,401 | $ 146,890 | ||
Brokerage & Asset Managers – 0.3% | ||||
Legg Mason, Inc. | 754 | $ 28,795 | ||
Moelis & Co., “A” | 2,759 | 108,705 | ||
OM Asset Management PLC | 1,861 | 26,296 | ||
$ 163,796 | ||||
Business Services – 4.1% | ||||
Conduent, Inc. (a) | 23,920 | $ 394,919 | ||
Forrester Research, Inc. | 15,736 | 641,242 | ||
Grand Canyon Education, Inc. (a) | 8,754 | 718,266 | ||
Travelport Worldwide Ltd. | 35,572 | 538,560 | ||
$ 2,292,987 | ||||
Cable TV – 0.9% | ||||
Cable One, Inc. | 631 | $ 478,765 | ||
Computer Software – 4.0% | ||||
Aspen Technology, Inc. (a) | 8,648 | $ 546,986 | ||
Cornerstone OnDemand, Inc. (a) | 13,306 | 465,444 | ||
Manhattan Associates, Inc. (a) | 10,452 | 439,507 | ||
Paylocity Holding Corp. (a) | 15,736 | 773,267 | ||
$ 2,225,204 | ||||
Computer Software - Systems – 5.9% | ||||
EPAM Systems, Inc. (a) | 6,217 | $ 505,629 | ||
NCR Corp. (a) | 17,214 | 628,828 | ||
Presidio, Inc. (a) | 19,456 | 270,633 | ||
Rapid7, Inc. (a) | 42,312 | 713,380 | ||
Tech Data Corp. (a) | 8,463 | 933,384 | ||
Verint Systems, Inc. (a) | 7,192 | 285,522 | ||
$ 3,337,376 | ||||
Construction – 2.0% | ||||
Armstrong World Industries, Inc. (a) | 2,997 | $ 142,357 | ||
GMS, Inc. (a) | 3,056 | 98,342 | ||
KB Home | 7,734 | 165,508 | ||
Trex Co., Inc. (a) | 9,353 | 710,828 | ||
$ 1,117,035 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Consumer Services – 0.9% | ||||
Carriage Services, Inc. | 1,205 | $ 29,510 | ||
ServiceMaster Global Holdings, Inc. (a) | 9,581 | 451,457 | ||
$ 480,967 | ||||
Electrical Equipment – 2.6% | ||||
TriMas Corp. (a) | 31,864 | $ 771,109 | ||
WESCO International, Inc. (a) | 13,489 | 680,520 | ||
$ 1,451,629 | ||||
Electronics – 3.1% | ||||
Amkor Technology, Inc. (a) | 25,547 | $ 224,303 | ||
Benchmark Electronics, Inc. (a) | 7,558 | 245,635 | ||
Integrated Device Technology, Inc. (a) | 5,212 | 128,788 | ||
Jabil Circuit, Inc. | 14,892 | 466,864 | ||
OSI Systems, Inc. (a) | 1,766 | 146,684 | ||
Sanmina Corp. (a) | 10,198 | 381,915 | ||
TTM Technologies, Inc. (a) | 12,620 | 179,709 | ||
$ 1,773,898 | ||||
Energy - Independent – 2.0% | ||||
Delek U.S. Holdings, Inc. | 15,335 | $ 379,081 | ||
Energen Corp. (a) | 4,734 | 242,760 | ||
Par Pacific Holdings, Inc. (a) | 16,735 | 298,050 | ||
PBF Energy, Inc., “A” | 7,344 | 173,906 | ||
Westmoreland Coal Co. (a) | 11,683 | 27,221 | ||
$ 1,121,018 | ||||
Engineering - Construction – 2.2% | ||||
KBR, Inc. | 47,065 | $ 765,748 | ||
MasTec, Inc. (a) | 9,075 | 370,260 | ||
Tutor Perini Corp. (a) | 3,220 | 84,203 | ||
$ 1,220,211 | ||||
Entertainment – 0.1% | ||||
Ascent Capital Group, Inc., “A” (a) | 7,465 | $ 74,127 | ||
Food & Beverages – 3.1% | ||||
Dean Foods Co. | 30,155 | $ 331,705 | ||
Snyders-Lance, Inc. | 18,689 | 663,833 | ||
SpartanNash Co. | 9,242 | 227,723 | ||
TreeHouse Foods, Inc. (a) | 7,851 | 525,939 | ||
$ 1,749,200 | ||||
Gaming & Lodging – 0.5% | ||||
Caesars Entertainment Corp. (a)(l) | 23,290 | $ 270,164 | ||
Health Maintenance Organizations – 0.7% | ||||
Molina Healthcare, Inc. (a) | 6,329 | $ 405,056 | ||
Insurance – 4.3% | ||||
American Equity Investment Life Holding Co. | 20,230 | $ 561,585 | ||
Hanover Insurance Group, Inc. | 625 | 61,362 | ||
HCI Group, Inc. | 7,379 | 287,707 | ||
Heritage Insurance Holdings, Inc. (l) | 18,784 | 213,762 | ||
Safety Insurance Group, Inc. | 4,350 | 310,590 | ||
Third Point Reinsurance Ltd. (a) | 53,553 | 752,420 | ||
Universal Insurance Holdings, Inc. | 11,876 | 254,740 | ||
$ 2,442,166 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – 2.3% | ||||
Blucora, Inc. (a) | 19,206 | $ 437,897 | ||
LogMeIn, Inc. | 6,383 | 730,215 | ||
Web.Com Group, Inc. (a) | 5,592 | 141,478 | ||
$ 1,309,590 | ||||
Machinery & Tools – 6.2% | ||||
Herman Miller, Inc. | 14,293 | $ 480,960 | ||
IPG Photonics Corp. (a) | 4,759 | 836,585 | ||
ITT, Inc. | 13,724 | 553,901 | ||
Knoll, Inc. | 12,068 | 217,827 | ||
Park-Ohio Holdings Corp. | 7,377 | 293,973 | ||
Regal Beloit Corp. | 2,903 | 218,886 | ||
SPX FLOW, Inc. (a) | 17,950 | 600,787 | ||
Steelcase, Inc., “A” | 7,120 | 93,984 | ||
Titan Machinery, Inc. (a) | 16,588 | 213,985 | ||
$ 3,510,888 | ||||
Medical & Health Technology & Services – 0.5% | ||||
Kindred Healthcare, Inc. | 37,083 | $ 300,372 | ||
Medical Equipment – 5.8% | ||||
Biotelemetry, Inc. (a) | 14,676 | $ 545,213 | ||
CONMED Corp. | 14,498 | 719,101 | ||
Halyard Health, Inc. (a) | 12,175 | 551,406 | ||
Integer Holdings Corp. (a) | 10,115 | 464,784 | ||
Integra LifeSciences Holdings Corp. (a) | 7,290 | 371,717 | ||
OraSure Technologies, Inc. (a) | 28,863 | 589,094 | ||
$ 3,241,315 | ||||
Metals & Mining – 0.2% | ||||
Ryerson Holding Corp. (a) | 12,744 | $ 109,598 | ||
Natural Gas - Distribution – 0.3% | ||||
ONE Gas, Inc. | 482 | $ 36,266 | ||
Southwest Gas Holdings, Inc. | 1,695 | 134,786 | ||
$ 171,052 | ||||
Oil Services – 2.9% | ||||
Exterran Holdings, Inc. (a) | 11,076 | $ 307,248 | ||
Keane Group, Inc. (a) | 19,928 | 258,068 | ||
McDermott International, Inc. (a) | 46,586 | 286,038 | ||
NOW, Inc. (a) | 38,701 | 451,254 | ||
U.S. Silica Holdings, Inc. | 11,414 | 310,575 | ||
$ 1,613,183 | ||||
Other Banks & Diversified Financials – 11.7% | ||||
Bank of N.T. Butterfield & Son Ltd. | 3,676 | $ 120,867 | ||
CAI International, Inc. (a) | 13,115 | 406,434 | ||
Cathay General Bancorp, Inc. | 13,143 | 463,554 | ||
East West Bancorp, Inc. | 14,736 | 815,932 | ||
Enova International, Inc. (a) | 22,786 | 271,153 | ||
First Interstate BancSystem, Inc. | 17,248 | 607,130 | ||
Glacier Bancorp, Inc. | 2,042 | 67,815 | ||
Legacytextas Financial Group, Inc. | 13,689 | 492,667 | ||
OFG Bancorp | 11,074 | 96,344 | ||
OneMain Holdings, Inc. (a) | 11,050 | 302,438 | ||
Popular, Inc. | 7,979 | 318,442 | ||
Preferred Bank | 9,634 | 518,309 | ||
Regional Management Corp. (a) | 15,125 | 331,994 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Other Banks & Diversified Financials – continued | ||||
Triton International Ltd. of Bermuda | 10,870 | $ 401,320 | ||
Western Alliance Bancorp. (a) | 8,149 | 393,026 | ||
Wintrust Financial Corp. | 11,006 | 801,347 | ||
World Acceptance Corp. (a) | 2,113 | 158,095 | ||
$ 6,566,867 | ||||
Pharmaceuticals – 1.8% | ||||
Catalent, Inc. (a) | 3,849 | $ 158,925 | ||
Endo International PLC (a) | 13,466 | 118,366 | ||
Horizon Pharma PLC (a) | 28,003 | 383,081 | ||
Mallinckrodt PLC (a) | 1,383 | 56,814 | ||
Sucampo Pharmaceuticals, Inc. (a) | 3,003 | 35,285 | ||
TherapeuticsMD, Inc. (a) | 46,792 | 280,752 | ||
$ 1,033,223 | ||||
Printing & Publishing – 1.0% | ||||
LSC Communications, Inc. | 1,833 | $ 29,530 | ||
Quad/Graphics, Inc. | 15,430 | 294,096 | ||
Time, Inc. | 20,241 | 266,169 | ||
$ 589,795 | ||||
Real Estate – 10.0% | ||||
Ashford Hospitality Trust, REIT | 44,178 | $ 274,345 | ||
CoreCivic, Inc., REIT | 9,283 | 248,784 | ||
GEO Group, Inc., REIT | 7,811 | 215,896 | ||
Gramercy Property Trust, REIT | 26,813 | 816,724 | ||
Hospitality Properties Trust, REIT | 8,434 | 230,754 | ||
Medical Properties Trust, Inc., REIT | 54,728 | 720,221 | ||
Mid-America Apartment Communities, Inc., REIT | 4,521 | 481,306 | ||
RE/MAX Holdings, Inc., “A” | 13,189 | 807,826 | ||
Realogy Holdings Corp. | 19,908 | 674,881 | ||
Ryman Hospitality Properties, Inc., REIT | 625 | 37,138 | ||
STAG Industrial, Inc., REIT | 5,717 | 160,019 | ||
Washington Prime Group, Inc., REIT | 92,446 | 771,924 | ||
Xenia Hotels & Resorts Inc., REIT | 10,145 | 202,494 | ||
$ 5,642,312 | ||||
Restaurants – 1.8% | ||||
BJ's Restaurants, Inc. (a) | 2,773 | $ 83,467 | ||
Bloomin Brands, Inc. | 18,494 | 314,583 | ||
Brinker International, Inc. | 13,149 | 410,512 | ||
Carrols Restaurant Group, Inc. (a) | 18,744 | 204,310 | ||
$ 1,012,872 | ||||
Specialty Chemicals – 5.0% | ||||
A. Schulman, Inc. | 13,229 | $ 402,162 | ||
Andersons, Inc. | 9,213 | 293,434 | ||
Chemours Co. | 3,413 | 167,476 | ||
Kronos Worldwide, Inc. | 15,263 | 319,454 | ||
Pacific Ethanol, Inc. (a) | 12,206 | 61,030 | ||
Renewable Energy Group, Inc. (a) | 24,643 | 298,180 | ||
Trinseo S.A. | 7,904 | 528,778 | ||
Univar, Inc. (a) | 26,647 | 751,712 | ||
$ 2,822,226 | ||||
Specialty Stores – 2.5% | ||||
Citi Trends, Inc. | 33,596 | $ 609,095 | ||
Express, Inc. (a) | 22,588 | 143,886 | ||
Michaels Co., Inc. (a) | 1,847 | 41,465 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – continued | ||||
Sally Beauty Holdings, Inc. (a) | 7,805 | $ 145,095 | ||
Urban Outfitters, Inc. (a) | 19,484 | 398,253 | ||
Zumiez, Inc. (a) | 7,703 | 95,902 | ||
$ 1,433,696 | ||||
Telecommunications - Wireless – 0.5% | ||||
Telephone and Data Systems, Inc. | 10,215 | $ 299,402 | ||
Trucking – 2.0% | ||||
Hub Group, Inc., “A” (a) | 4,945 | $ 190,135 | ||
Marten Transport Ltd. | 9,209 | 157,934 | ||
Werner Enterprises, Inc. | 23,708 | 784,735 | ||
$ 1,132,804 | ||||
Utilities - Electric Power – 3.4% | ||||
Atlantica Yield PLC | 21,378 | $ 443,807 | ||
NRG Energy, Inc. | 24,813 | 618,092 | ||
NRG Yield, Inc., “A” | 11,766 | 214,024 | ||
PNM Resources, Inc. | 7,901 | 335,002 | ||
Spark Energy, Inc., “A” (l) | 20,646 | 327,239 | ||
$ 1,938,164 | ||||
Total Common Stocks | $55,805,251 | |||
Investment Companies (h) – 0.6% | ||||
Money Market Funds – 0.6% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 332,773 | $ 332,773 | ||
Collateral for Securities Loaned – 1.6% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.01% (j) | 883,241 | $ 883,241 | ||
Other Assets, Less Liabilities – (1.2)% | (668,849) | |||
Net Assets – 100.0% | $56,352,416 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $332,773 and $56,688,492, respectively. | |||
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. | |||
(l) | A portion of this security is on loan. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $55,805,251 | $— | $— | $55,805,251 |
Mutual Funds | 1,216,014 | — | — | 1,216,014 |
Total | $57,021,265 | $— | $— | $57,021,265 |
Aggregate cost | $54,146,035 |
Gross unrealized appreciation | 6,299,404 |
Gross unrealized depreciation | (3,424,174) |
Net unrealized appreciation (depreciation) | $2,875,230 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Institutional Money Market Portfolio | 1,122,118 | 5,076,529 | (5,865,874) | 332,773 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Institutional Money Market Portfolio | $136 | $(59) | $— | $2,332 | $332,773 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 99.0% | ||||
Aerospace – 4.5% | ||||
Boeing Co. | 9,587 | $ 2,297,620 | ||
Northrop Grumman Corp. | 5,395 | 1,468,573 | ||
Textron, Inc. | 17,448 | 856,522 | ||
United Technologies Corp. | 10,809 | 1,294,054 | ||
$ 5,916,769 | ||||
Airlines – 0.6% | ||||
Copa Holdings S.A., “A” | 5,928 | $ 735,487 | ||
Alcoholic Beverages – 0.4% | ||||
Constellation Brands, Inc., “A” | 2,729 | $ 546,073 | ||
Automotive – 0.6% | ||||
Lear Corp. | 5,198 | $ 777,309 | ||
Biotechnology – 4.7% | ||||
Amgen, Inc. | 6,324 | $ 1,124,217 | ||
Biogen, Inc. (a) | 7,010 | 2,219,085 | ||
Celgene Corp. (a) | 18,718 | 2,600,492 | ||
Illumina, Inc. (a) | 1,234 | 252,304 | ||
$ 6,196,098 | ||||
Business Services – 6.4% | ||||
Accenture PLC, “A” | 11,138 | $ 1,456,405 | ||
DXC Technology Co. | 19,826 | 1,685,210 | ||
Fidelity National Information Services, Inc. | 10,098 | 938,306 | ||
FleetCor Technologies, Inc. (a) | 9,823 | 1,412,253 | ||
Global Payments, Inc. | 14,352 | 1,370,472 | ||
Total System Services, Inc. | 23,354 | 1,614,229 | ||
$ 8,476,875 | ||||
Cable TV – 3.4% | ||||
Charter Communications, Inc., “A” (a) | 2,971 | $ 1,184,062 | ||
Comcast Corp., “A” | 82,315 | 3,342,812 | ||
$ 4,526,874 | ||||
Chemicals – 1.8% | ||||
FMC Corp. | 6,948 | $ 599,057 | ||
Monsanto Co. | 14,647 | 1,716,628 | ||
$ 2,315,685 | ||||
Computer Software – 6.9% | ||||
Adobe Systems, Inc. (a) | 14,516 | $ 2,252,302 | ||
Intuit, Inc. | 13,895 | 1,965,448 | ||
Microsoft Corp. | 64,397 | 4,814,964 | ||
$ 9,032,714 | ||||
Computer Software - Systems – 7.7% | ||||
Apple, Inc. | 49,780 | $ 8,163,920 | ||
International Business Machines Corp. | 2,813 | 402,343 | ||
NCR Corp. (a) | 23,958 | 875,186 | ||
NetApp, Inc. | 17,910 | 692,401 | ||
$ 10,133,850 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Construction – 0.9% | ||||
Owens Corning | 10,722 | $ 794,822 | ||
Sherwin-Williams Co. | 1,108 | 375,911 | ||
$ 1,170,733 | ||||
Consumer Products – 0.4% | ||||
Estee Lauder Cos., Inc., “A” | 5,085 | $ 544,044 | ||
Consumer Services – 1.8% | ||||
H&R Block, Inc. | 8,258 | $ 220,819 | ||
Priceline Group, Inc. (a) | 1,196 | 2,215,088 | ||
$ 2,435,907 | ||||
Containers – 1.0% | ||||
Berry Global Group, Inc. (a) | 24,115 | $ 1,356,228 | ||
Electrical Equipment – 0.7% | ||||
MSC Industrial Direct Co., Inc., “A” | 7,024 | $ 483,813 | ||
Rockwell Automation, Inc. | 2,865 | 470,032 | ||
$ 953,845 | ||||
Electronics – 3.7% | ||||
Applied Materials, Inc. | 13,553 | $ 611,511 | ||
NVIDIA Corp. | 17,233 | 2,919,960 | ||
Texas Instruments, Inc. | 16,195 | 1,341,270 | ||
$ 4,872,741 | ||||
Energy - Independent – 0.2% | ||||
Parsley Energy, Inc., “A” (a) | 8,790 | $ 220,189 | ||
Food & Beverages – 4.0% | ||||
Archer Daniels Midland Co. | 24,109 | $ 996,184 | ||
Coca-Cola Co. | 3,880 | 176,734 | ||
PepsiCo, Inc. | 22,891 | 2,649,175 | ||
Tyson Foods, Inc., “A” | 22,406 | 1,418,300 | ||
$ 5,240,393 | ||||
Gaming & Lodging – 3.0% | ||||
Carnival Corp. | 8,869 | $ 616,218 | ||
Marriott International, Inc., “A” | 15,828 | 1,639,464 | ||
Norwegian Cruise Line Holdings Ltd. (a) | 3,815 | 226,840 | ||
Royal Caribbean Cruises Ltd. | 11,307 | 1,407,269 | ||
$ 3,889,791 | ||||
General Merchandise – 1.6% | ||||
Costco Wholesale Corp. | 13,037 | $ 2,043,419 | ||
Health Maintenance Organizations – 2.3% | ||||
Humana Inc. | 2,555 | $ 658,219 | ||
UnitedHealth Group, Inc. | 10,286 | 2,045,885 | ||
WellCare Health Plans, Inc. (a) | 1,770 | 309,184 | ||
$ 3,013,288 | ||||
Insurance – 1.6% | ||||
MetLife, Inc. | 23,564 | $ 1,103,502 | ||
Prudential Financial, Inc. | 10,114 | 1,032,437 | ||
$ 2,135,939 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Internet – 8.4% | ||||
Alphabet, Inc., “A” (a) | 2,679 | $ 2,559,088 | ||
Alphabet, Inc., “C” (a) | 2,845 | 2,672,394 | ||
Facebook, Inc., “A” (a) | 33,931 | 5,835,114 | ||
$ 11,066,596 | ||||
Leisure & Toys – 2.8% | ||||
Electronic Arts, Inc. (a) | 16,800 | $ 2,041,200 | ||
Take-Two Interactive Software, Inc. (a) | 16,543 | 1,617,740 | ||
$ 3,658,940 | ||||
Machinery & Tools – 1.9% | ||||
Roper Technologies, Inc. | 4,920 | $ 1,134,847 | ||
United Rentals, Inc. (a) | 11,749 | 1,387,087 | ||
$ 2,521,934 | ||||
Medical & Health Technology & Services – 2.3% | ||||
Express Scripts Holding Co. (a) | 13,707 | $ 861,074 | ||
HCA Healthcare, Inc. (a) | 16,840 | 1,324,634 | ||
McKesson Corp. | 5,505 | 821,952 | ||
$ 3,007,660 | ||||
Medical Equipment – 2.8% | ||||
Align Technology, Inc. (a) | 1,944 | $ 343,582 | ||
Edwards Lifesciences Corp. (a) | 15,503 | 1,762,071 | ||
Medtronic PLC | 12,677 | 1,022,020 | ||
Thermo Fisher Scientific, Inc. | 2,664 | 498,541 | ||
$ 3,626,214 | ||||
Network & Telecom – 0.9% | ||||
Cisco Systems, Inc. | 36,360 | $ 1,171,156 | ||
Other Banks & Diversified Financials – 1.8% | ||||
Discover Financial Services | 21,809 | $ 1,285,640 | ||
Visa, Inc., “A” | 10,505 | 1,087,478 | ||
$ 2,373,118 | ||||
Pharmaceuticals – 2.1% | ||||
Bristol-Myers Squibb Co. | 9,375 | $ 567,000 | ||
Eli Lilly & Co. | 26,604 | 2,162,639 | ||
$ 2,729,639 | ||||
Railroad & Shipping – 0.8% | ||||
Union Pacific Corp. | 9,889 | $ 1,041,312 | ||
Real Estate – 2.3% | ||||
Alexandria Real Estate Equities, Inc., REIT | 10,822 | $ 1,312,817 | ||
Equity Lifestyle Properties, Inc., REIT | 10,503 | 936,342 | ||
Realogy Holdings Corp. | 22,265 | 754,784 | ||
$ 3,003,943 | ||||
Restaurants – 1.9% | ||||
Domino's Pizza, Inc. | 7,790 | $ 1,419,806 | ||
Starbucks Corp. | 20,941 | 1,148,823 | ||
$ 2,568,629 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Chemicals – 1.2% | ||||
Air Products & Chemicals, Inc. | 4,799 | $ 697,631 | ||
Univar, Inc. (a) | 30,471 | 859,587 | ||
$ 1,557,218 | ||||
Specialty Stores – 6.7% | ||||
Amazon.com, Inc. (a) | 4,788 | $ 4,695,113 | ||
Best Buy Co., Inc. | 26,067 | 1,414,395 | ||
Home Depot, Inc. | 9,836 | 1,474,121 | ||
Michaels Co., Inc. (a) | 26,489 | 594,678 | ||
Ross Stores, Inc. | 11,459 | 669,779 | ||
$ 8,848,086 | ||||
Telecommunications - Wireless – 1.2% | ||||
American Tower Corp., REIT | 4,012 | $ 593,977 | ||
SBA Communications Corp., REIT (a) | 6,650 | 1,021,107 | ||
$ 1,615,084 | ||||
Tobacco – 2.2% | ||||
Altria Group, Inc. | 25,291 | $ 1,603,450 | ||
Philip Morris International, Inc. | 10,668 | 1,247,409 | ||
$ 2,850,859 | ||||
Utilities - Electric Power – 1.5% | ||||
AES Corp. | 64,635 | $ 713,570 | ||
NRG Energy, Inc. | 51,793 | 1,290,164 | ||
$ 2,003,734 | ||||
Total Common Stocks | $130,178,373 | |||
Investment Companies (h) – 0.9% | ||||
Money Market Funds – 0.9% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 1,243,998 | $ 1,243,998 | ||
Other Assets, Less Liabilities – 0.1% | 118,525 | |||
Net Assets – 100.0% | $131,540,896 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,243,998 and $130,178,373, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $130,178,373 | $— | $— | $130,178,373 |
Mutual Funds | 1,243,998 | — | — | 1,243,998 |
Total | $131,422,371 | $— | $— | $131,422,371 |
Aggregate cost | $111,666,030 |
Gross unrealized appreciation | 21,076,041 |
Gross unrealized depreciation | (1,319,700) |
Net unrealized appreciation (depreciation) | $19,756,341 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Institutional Money Market Portfolio | 1,184,572 | 4,830,238 | (4,770,812) | 1,243,998 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Institutional Money Market Portfolio | $126 | $— | $— | $3,605 | $1,243,998 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 98.2% | ||||
Aerospace – 2.8% | ||||
Northrop Grumman Corp. | 3,396 | $ 924,425 | ||
Textron, Inc. | 8,506 | 417,560 | ||
United Technologies Corp. | 18,357 | 2,197,700 | ||
$ 3,539,685 | ||||
Airlines – 1.0% | ||||
Copa Holdings S.A., “A” | 9,771 | $ 1,212,288 | ||
Alcoholic Beverages – 0.7% | ||||
Constellation Brands, Inc., “A” | 4,416 | $ 883,642 | ||
Apparel Manufacturers – 0.6% | ||||
PVH Corp. | 5,984 | $ 753,326 | ||
Automotive – 0.7% | ||||
Lear Corp. | 6,063 | $ 906,661 | ||
Biotechnology – 1.9% | ||||
Biogen, Inc. (a) | 2,415 | $ 764,492 | ||
Celgene Corp. (a) | 11,645 | 1,617,840 | ||
$ 2,382,332 | ||||
Business Services – 2.6% | ||||
Amdocs Ltd. | 4,451 | $ 288,380 | ||
DXC Technology Co. | 21,162 | 1,798,770 | ||
Global Payments, Inc. | 11,590 | 1,106,729 | ||
$ 3,193,879 | ||||
Cable TV – 1.3% | ||||
Comcast Corp., “A” | 39,473 | $ 1,602,999 | ||
Chemicals – 0.6% | ||||
LyondellBasell Industries N.V., “A” | 8,936 | $ 809,512 | ||
Computer Software - Systems – 1.2% | ||||
Hewlett Packard Enterprise | 82,797 | $ 1,495,314 | ||
Construction – 1.5% | ||||
Owens Corning | 24,509 | $ 1,816,852 | ||
Consumer Products – 2.7% | ||||
Newell Brands, Inc. | 22,946 | $ 1,107,833 | ||
Procter & Gamble Co. | 24,601 | 2,269,934 | ||
$ 3,377,767 | ||||
Containers – 0.9% | ||||
Graphic Packaging Holding Co. | 82,603 | $ 1,077,969 | ||
Electrical Equipment – 0.7% | ||||
General Electric Co. | 14,537 | $ 356,883 | ||
W.W. Grainger, Inc. | 3,137 | 509,982 | ||
$ 866,865 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Electronics – 1.8% | ||||
Applied Materials, Inc. | 18,120 | $ 817,574 | ||
Intel Corp. | 38,996 | 1,367,590 | ||
$ 2,185,164 | ||||
Energy - Independent – 6.2% | ||||
Anadarko Petroleum Corp. | 26,517 | $ 1,085,341 | ||
EOG Resources, Inc. | 17,500 | 1,487,325 | ||
Noble Energy, Inc. | 47,149 | 1,120,732 | ||
Occidental Petroleum Corp. | 19,677 | 1,174,717 | ||
Phillips 66 | 21,407 | 1,794,120 | ||
Valero Energy Corp. | 16,150 | 1,099,815 | ||
$ 7,762,050 | ||||
Energy - Integrated – 2.4% | ||||
Chevron Corp. | 6,674 | $ 718,256 | ||
Exxon Mobil Corp. | 29,820 | 2,276,160 | ||
$ 2,994,416 | ||||
Food & Beverages – 3.6% | ||||
Archer Daniels Midland Co. | 37,500 | $ 1,549,500 | ||
Bunge Ltd. | 12,680 | 946,309 | ||
J.M. Smucker Co. | 11,583 | 1,213,435 | ||
Tyson Foods, Inc., “A” | 11,900 | 753,270 | ||
$ 4,462,514 | ||||
Gaming & Lodging – 1.9% | ||||
Carnival Corp. | 22,699 | $ 1,577,126 | ||
Royal Caribbean Cruises Ltd. | 6,445 | 802,145 | ||
$ 2,379,271 | ||||
General Merchandise – 0.7% | ||||
Wal-Mart Stores, Inc. | 11,208 | $ 875,009 | ||
Health Maintenance Organizations – 0.3% | ||||
Humana Inc. | 1,666 | $ 429,195 | ||
Insurance – 7.3% | ||||
Athene Holding Ltd. (a) | 12,379 | $ 662,400 | ||
Berkshire Hathaway, Inc., “B” (a) | 9,841 | 1,782,795 | ||
Chubb Ltd. | 13,861 | 1,960,223 | ||
MetLife, Inc. | 39,684 | 1,858,402 | ||
Prudential Financial, Inc. | 15,722 | 1,604,902 | ||
XL Group Ltd. | 29,417 | 1,204,920 | ||
$ 9,073,642 | ||||
Machinery & Tools – 2.3% | ||||
Ingersoll-Rand Co. Ltd., “A” | 7,154 | $ 610,880 | ||
IPG Photonics Corp. (a) | 5,706 | 1,003,058 | ||
Regal Beloit Corp. | 4,666 | 351,816 | ||
United Rentals, Inc. (a) | 7,781 | 918,625 | ||
$ 2,884,379 | ||||
Major Banks – 12.1% | ||||
Bank of America Corp. | 179,031 | $ 4,277,051 | ||
Goldman Sachs Group, Inc. | 8,293 | 1,855,476 | ||
JPMorgan Chase & Co. | 51,951 | 4,721,826 | ||
PNC Financial Services Group, Inc. | 17,297 | 2,169,217 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Major Banks – continued | ||||
Wells Fargo & Co. | 41,305 | $ 2,109,446 | ||
$ 15,133,016 | ||||
Medical & Health Technology & Services – 3.1% | ||||
Express Scripts Holding Co. (a) | 9,474 | $ 595,157 | ||
HCA Healthcare, Inc. (a) | 18,758 | 1,475,504 | ||
McKesson Corp. | 12,269 | 1,831,884 | ||
$ 3,902,545 | ||||
Medical Equipment – 4.7% | ||||
Abbott Laboratories | 45,237 | $ 2,304,373 | ||
Thermo Fisher Scientific, Inc. | 11,012 | 2,060,786 | ||
Zimmer Biomet Holdings, Inc. | 12,634 | 1,443,687 | ||
$ 5,808,846 | ||||
Natural Gas - Distribution – 0.6% | ||||
Sempra Energy | 5,919 | $ 698,028 | ||
Network & Telecom – 2.6% | ||||
Cisco Systems, Inc. | 99,470 | $ 3,203,929 | ||
Oil Services – 1.1% | ||||
Halliburton Co. | 35,741 | $ 1,392,827 | ||
Other Banks & Diversified Financials – 5.3% | ||||
Citigroup, Inc. | 51,629 | $ 3,512,321 | ||
Discover Financial Services | 28,556 | 1,683,376 | ||
Synchrony Financial | 21,823 | 671,930 | ||
Zions Bancorporation | 17,317 | 756,060 | ||
$ 6,623,687 | ||||
Pharmaceuticals – 4.8% | ||||
Bristol-Myers Squibb Co. | 15,996 | $ 967,438 | ||
Eli Lilly & Co. | 17,320 | 1,407,943 | ||
Johnson & Johnson | 16,481 | 2,181,590 | ||
Pfizer, Inc. | 43,215 | 1,465,853 | ||
$ 6,022,824 | ||||
Railroad & Shipping – 1.1% | ||||
Union Pacific Corp. | 12,992 | $ 1,368,058 | ||
Real Estate – 5.0% | ||||
Annaly Mortgage Management, Inc., REIT | 85,894 | $ 1,073,675 | ||
CoreCivic, Inc., REIT | 14,334 | 384,151 | ||
Medical Properties Trust, Inc., REIT | 93,366 | 1,228,697 | ||
Mid-America Apartment Communities, Inc., REIT | 12,399 | 1,319,998 | ||
Realogy Holdings Corp. | 44,846 | 1,520,279 | ||
Washington Prime Group, Inc., REIT | 82,460 | 688,541 | ||
$ 6,215,341 | ||||
Restaurants – 0.6% | ||||
Aramark | 19,788 | $ 805,174 | ||
Specialty Chemicals – 0.5% | ||||
Air Products & Chemicals, Inc. | 4,412 | $ 641,372 |
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Specialty Stores – 1.7% | ||||
Best Buy Co., Inc. | 29,576 | $ 1,604,794 | ||
Urban Outfitters, Inc. (a) | 25,099 | 513,023 | ||
$ 2,117,817 | ||||
Telecommunications - Wireless – 1.1% | ||||
Sprint Corp. (a) | 72,401 | $ 597,308 | ||
T-Mobile U.S., Inc. (a) | 12,114 | 783,897 | ||
$ 1,381,205 | ||||
Telephone Services – 1.1% | ||||
AT&T, Inc. | 36,961 | $ 1,384,559 | ||
Tobacco – 1.5% | ||||
Altria Group, Inc. | 14,268 | $ 904,591 | ||
Philip Morris International, Inc. | 7,814 | 913,691 | ||
$ 1,818,282 | ||||
Utilities - Electric Power – 5.6% | ||||
American Electric Power Co., Inc. | 11,269 | $ 829,737 | ||
DTE Energy Co. | 13,279 | 1,491,497 | ||
Exelon Corp. | 53,324 | 2,019,380 | ||
NextEra Energy, Inc. | 5,391 | 811,399 | ||
PPL Corp. | 46,576 | 1,827,642 | ||
$ 6,979,655 | ||||
Total Common Stocks | $122,461,896 | |||
Investment Companies (h) – 1.3% | ||||
Money Market Funds – 1.3% | ||||
MFS Institutional Money Market Portfolio, 1.11% (v) | 1,607,642 | $ 1,607,642 | ||
Other Assets, Less Liabilities – 0.5% | 621,516 | |||
Net Assets – 100.0% | $124,691,054 |
(a) | Non-income producing security. | |||
(h) | An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $1,607,642 and $122,461,896, respectively. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
REIT | Real Estate Investment Trust |
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities | $122,461,896 | $— | $— | $122,461,896 |
Mutual Funds | 1,607,642 | — | — | 1,607,642 |
Total | $124,069,538 | $— | $— | $124,069,538 |
Aggregate cost | $114,060,165 |
Gross unrealized appreciation | 13,880,973 |
Gross unrealized depreciation | (3,871,600) |
Net unrealized appreciation (depreciation) | $10,009,373 |
Affiliated Issuer | Beginning
Shares/Par Amount |
Acquisitions
Shares/Par Amount |
Dispositions
Shares/Par Amount |
Ending
Shares/Par Amount |
MFS Institutional Money Market Portfolio | 1,704,145 | 6,432,405 | (6,528,908) | 1,607,642 |
Affiliated Issuer | Realized
Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Capital
Gain Distributions |
Dividend
Income |
Ending
Value |
MFS Institutional Money Market Portfolio | $(163) | $(62) | $— | $5,457 | $1,607,642 |
ITEM 2. | CONTROLS AND PROCEDURES. |
(a) | Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this Form N-Q, the registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. |
(b) | There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 3. | EXHIBITS. |
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: MFS SERIES TRUST X
By (Signature and Title)* | DAVID L. DILORENZO | |
David L. DiLorenzo, President |
Date: October 17, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | DAVID L. DILORENZO | |
David L. DiLorenzo, President (Principal Executive Officer) |
Date: October 17, 2017
By (Signature and Title)* | JAMES O. YOST | |
James O. Yost, Treasurer (Principal Financial Officer and Accounting Officer) |
Date: October 17, 2017
* | Print name and title of each signing officer under his or her signature. |
This ‘N-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / Effective on: | 10/26/17 | N-Q | ||
10/17/17 | ||||
For Period End: | 8/31/17 | N-Q | ||
List all Filings |